Bitcoin ETF Roils the Market, Sentiment at All-Time High

The resurgence of Bitcoin, the leading cryptocurrency, and its reclaiming of the critical $34,000 level can be primarily attributed to a significant development linked to the Depository Trust and Clearing Corporation (DTCC).

Bitcoin Etf Roils The Market, Sentiment At All Time High_65b966844ece1.webp

Bitcoin Surges to $34,000 as BlackRock ETF Reemerges

The market had been abuzz with speculation surrounding the potential approval of Bitcoin ETFs, with particular focus on BlackRock and other applicants. This speculation fueled the most substantial two-day rally for Bitcoin in the past seven months.

However, this optimism encountered a setback when BlackRock’s iShares Bitcoin Trust, known as IBTC, was unexpectedly removed from the DTCC’s list of offerings. Whether this removal was due to a technical error or a premature listing, it caused a sharp drop in Bitcoin’s price.

bitcoin etf roils the market sentiment at all time high 65b96684515c9

The initial listing of IBTC had generated considerable excitement in the market, as it was seen as a step closer to the eventual launch of a cryptocurrency ETF and official endorsement.

However, the DTCC later clarified that an ETF’s presence on their website is a routine preparatory step and does not signify regulatory approval. Interestingly, the ETF had been listed on the site since August. Following this clarification, Bitcoin swiftly rebounded to the $34,000 level.

As per TradingView data, Bitcoin is currently trading at $34,116, having surged by 18.6% in the past week. Ethereum, the second-largest cryptocurrency, is priced at $1,792.29, reflecting a 14% increase during the same period. Notably, Solana has shown outstanding performance, with its price at $31.38, marking an impressive 29.8% rise over the past week.

bitcoin etf roils the market sentiment at all time high 65b96684a33d5

Bitcoin’s dominance remains strong, standing at over 51%, according to CoinGecko’s data.

Crypto market sentiment has surged to its highest levels since Bitcoin’s record-breaking $69,000 high in mid-November 2021, as indicated by the Crypto Fear & Greed Index.

Currently sitting at 72 on a 100-point scale, the index firmly places the market in the “greed” category. This represents a noteworthy increase of six points since October 24, and a substantial 16-point climb from the “neutral” ranking observed on October 18.

bitcoin etf roils the market sentiment at all time high 65b96684e65f1

This resurgence in market sentiment coincides with the growing anticipation of the United States Securities and Exchange Commission (SEC) potentially greenlighting BlackRock’s spot Bitcoin exchange-traded fund (ETF).

On October 24, Bitcoin experienced its most significant single-day rally in over a year, surging by 14% within the day, momentarily breaching the $35,000 price threshold.

The Crypto Fear & Greed Index derives its insights from six essential market performance indicators, with varying weights: volatility (25%), market momentum and volume (25%), social media sentiment (15%), surveys (15%), Bitcoin’s dominance (10%), and overall market trends (10%). These components are employed to gauge daily market sentiment.

bitcoin etf roils the market sentiment at all time high 65b9668541365

The last time the index attained a score of 72 was on November 14, 2021, just four days after Bitcoin achieved its all-time high of $69,044 on November 10, 2021, as per data from CoinGecko.

>>> Bearish Camp Concedes as Bitcoin Enters ‘Anti-Gravity’ Phase

Conversely, the index reached its all-time low of 7 on June 16, 2022, following the collapse of Do Kwon’s Terra ecosystem. This unfortunate event precipitated a series of price-depressing consequences and led to significant setbacks, affecting entities such as hedge fund Three Arrows Capital and crypto lender Voyager Digital.

Amid the mounting enthusiasm for spot ETFs, Galaxy Digital, a prominent crypto investment firm, has made a bullish prediction. They anticipate that if the SEC approves the spot ETF, the price of Bitcoin could surge by more than 74% in the first year following the approval.

(100 votes)

5.0/5

(100 votes)

Latest

Whales Dump Xrp Can Ripple Still Aim For The $5 Breakout

News | Altcoin | Editor Choice

Whales Dump XRP: Can Ripple Still Aim for the $5 Breakout?

XRP faces a defining moment as whales unleash massive sell-offs, leaving investors anxious over whether the token will rocket to $5 or crash back down to $2.

Bnb Surges After Trump Pardons Cz, Traders Shout “up Only”

News | Altcoin | Editor Choice

BNB Surges After Trump Pardons CZ, Traders Shout “Up Only”

BNB’s price surged right after U.S. President Donald Trump pardoned Binance founder Changpeng Zhao, fueling a wave of excitement and speculation that the long-awaited “altcoin season” may be about to begin.

Satoshi Era Bitcoin Whale Awakens After 14 Years

News | Bitcoin | Editor Choice

Satoshi-Era Bitcoin Whale Awakens After 14 Years

A “Satoshi-era” Bitcoin whale has suddenly awakened after more than 14 years of silence, sparking a wave of speculation about the real motive behind its move of 150 BTC worth tens of millions of dollars.

Bunni Dex Shuts Down After $8.4 Million Hack

News | Altcoin | Editor Choice

Bunni DEX Shuts Down After $8.4 Million Hack

After suffering a devastating $8.4 million hack, decentralized exchange protocol Bunni DEX has officially announced its shutdown. This marks the second crypto project to fold in October, following Kadena Organization’s recent decision to halt operations amid mounting difficulties. The $8.4 Million Exploit: How It Happened The attack occurred on September 2, when a hacker exploited

The Crypto Etf Wave Hits, Over 200 Funds Set To Launch Soon

News | Editor Choice | Policy & Regulations

The Crypto ETF Wave Hits, Over 200 Funds Set to Launch Soon

Crypto ETF Explosion: The market is on the verge of a massive wave of investment products, with 155 ETF filings currently awaiting approval — spanning 35 digital assets from Bitcoin and Ethereum to even political meme coins.

Screenshot 2025 10 20 091338