Another company has pushed to get a Bitcoin ETF, not just any random company, but also one of the biggest crypto companies.
Looking at the charts, we can see that Bitcoin got up to 55,800 dollars today and had a bit of a cooling-off period. The critical support which is good to hold down Bitcoin is around 52 thousand dollars. This support will prove that the bulls have been able to sustain control of the market.
If you note, the volume has been relatively low, and it would not be harmful to see many more bulls going into the market right now.
The breakout started on the lowest volume day of the year; even now, the volume is still not high.
We are currently nine percent away from a new all-time high for Bitcoin. Even if we are not going in a straight line to that destination, we are still going there regardless, and we are close.
Grayscale, the giant company of Bitcoin, is looking to hire nine ETF specialists. There is no official announcement at this time, but we all know that you do not hire NINE ETF specialists unless you plan on launching an ETF.
They are, of course, going to launch a Bitcoin ETF, but there is a possibility that they may also push for an Ethereum ETF as well, and if they get that, they might go for Altcoin indexes.
The Canadian ETFs have proven the demand for crypto products; the demand is off the charts.
A Malaysian-based company also announced that they would be launching a Bitcoin fund to meet the massive demand for Bitcoin in South East Asia. This also comes on the same day that Huawei asset management got licensed in Hong Kong as an asset manager.
Despite the crackdown, the Chinese market is still the biggest crypto market in the world, and that's just mainland China.
Other East Asian markets like Japan, Korea, Thailand, and Malaysia are massive; there is so much money there waiting to get exposure for Bitcoin from institutional investors. It is far from being an America-only event.
There are so many institutional investors that want to have Bitcoin for themselves, but they neither know how to go about it, neither do they know what to do. These funds that are launching and the new financial products will be great for bringing more money into the market.
People want to be exposed the Bitcoin; they only want things to be easier for them.
