The iShares spot Bitcoin exchange-traded fund (ETF) proposed by investment firm BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), signaling potential approval from the United States Securities and Exchange Commission. Bloomberg ETF analyst Eric Balchunas noted that the DTCC listing is part of the process of launching the crypto ETF. BlackRock, which has applied to the Nasdaq exchange for the listing of the ETF, is waiting for the SEC approval to be finalized. If BlackRock's application is approved, other companies are expected to apply to the SEC for spot crypto ETF applications. To date, the SEC has not approved a spot Bitcoin or Ether ETF, but has begun to allow investment vehicles based on Bitcoin futures. This news follows a US appeals court ruling that required the SEC to review Grayscale Investments' spot BTC ETF application.
Following the news, Bitcoin rose above the $31k resistance and is currently trading at $35k. When we look at Bitcoin's volume, we can see that it always peaks in the middle of the week and bottomed out on Sunday. Therefore, although we have risen up to $35 thousand by the middle of the week, I think it is better to focus not on the rise like everyone else, but on how much correction we will make as the volume drops as we come to the end of the week. Closing the week above $31 thousand is a positive signal. I believe that attention should also be paid to the 50-day moving average just in case.
