The post-ETF approval/pre-halving Bitcoin rally is in full flow with the largest cryptocurrency by market cap up by over 20% in the first half of February. Heavy demand for the 11 new spot Bitcoin ETFs is pushing the price ever higher with BTC/USD now back at levels last seen at the end of November 2021. Bitcoin futures open interest is also through the roof and currently stands over $23 billion, according to coinglass data
With demand from the post-ETF approval now in full flow, the next major event facing Bitcoin traders is the latest ‘halving’ event due in mid-April. The past three halvings have seen Bitcoin move sharply higher in the months after the event, and if history repeats itself then the November 8th 2021 ATH at a fraction under $69k will come under heavy pressure.
Ethereum is also rallying hard as traders and investors look to potential spot Ethereum ETFs in the coming months. A handful of Ethereum ETF applications are already in the SEC’s in-tray and talk is growing that a decision, one way or another, may be made towards the end of H1. As always, care should be taken until a definitive decision is made. On its current trajectory, $3k is within reach with a couple of levels of resistance off weekly highs before $3,582 comes into view.
