Bitcoin Price Explodes To $47k As BTC ETF Approval Deadline Looms

11 months ago 4

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Bitcoin (BTC) just reclaimed $47,000 for the first time since March 2022, shortly after multiple Bitcoin ETF applicants filed finalized updates for their S-1 forms with the Securities and Exchange Commission (SEC).

As of Monday, Bitcoin is up 6.63% on the day, and over 10% since January 1. It trades for $47,130 at writing time.
Over $136 million in shorts on crypto trades have been liquidated in the past 24 hours, according to Coinglass.
That includes 124,000 traders, on which the largest single liquidation was a BTC-USDT swap on OKX for $9.36 million.
Numerous Bitcoin ETF applicants including BlackRock revealed new and updated management fees for their products on Monday, many of which were between 0.2% and 0.3% – cutting beneath analyst’s expectations.
“ETF issuers lowering their fees to absolute bargain basement levels implies massive expectations on their part around AUM,” posted CoinMetrics co-founder Nic Carter to X on Monday.
Bitcoin’s last rise above $47,000 was largely triggered by defunct stablecoin issuer Terraform Labs’ massive BTC accumulation in early 2022, which was later dumped back onto the market as its coins went bust.
BTC/USD. Source: TradingView