The head of crypto at CME, Gio Vicioso, stated that his company is ready for the Tuesday bitcoin rally. On Monday, bitcoin briefly reached $35,000 before settling near $33,000. The market may not see a spot bitcoin ETF approval until early next year, which is the main driver of the increase. Vicioso stated that a diverse range of players, including institutional macro hedge funds, banks, crypto natives, crypto-focused funds, and the investor community are entering the area in anticipation of the adoption of a spot bitcoin ETF.
Vicioso’s observations are supported by the third-quarter data from CME, which showed that demand in both bitcoin and ether derivatives reached peaks. While it may be too soon to declare that the crypto spring has arrived, the market’s momentum following CoinTelegraph’s false report that the US Securities and Exchange Commission had approved BlackRock’s bitcoin ETF indicates that the investing public is getting ready for that specific development and positioning their portfolios accordingly. Other experts, including Callie Cox of eToro and Michael Silberberg of Alt Tab Capital, think that cryptocurrency has a lot of promising catalysts ahead of it. Silberberg anticipates that the rise will last until April of next year.
Vicioso further pointed out that institutions are currently discussing tokenization and how to implement or utilise a tokenized approach into their business, which is generating greater interest in bitcoin and ether since blockchain technology serves as the foundation for tokenization. This heightened enthusiasm in putting the technology into practise is also boosting the value of individual coins, led by bitcoin.