Market Update - October 27th

27 Okt 2023

1. Bitcoin hits 35k amid more encouraging ETF news: BTC soared from ~30k USD to ~35k earlier in the week, before settling around 34k USD by Friday. Spurring the price action, news began circulating on Monday that BlackRock’s spot bitcoin ETF, with the ticker IBTC, was listed with the DTCC, leading to speculation that the ETF was nearing approval.
   
   
2. Bitcoin open interest on CME hits all-time highs: Open interest for bitcoin derivatives on the Chicago Mercantile Exchange (CME) hit 100,000 BTC (~$3.4 billion USD). The trend may reflect growing interest in bitcoin from institutional investors as the conversation around a coming spot bitcoin ETF continues to heat up.
   
   
3. SEC directed to review Grayscale’s spot bitcoin ETF application: A US federal court issued a mandate directing the SEC to review Grayscale's application for a spot bitcoin ETF. Grayscale submitted a registration statement to the SEC on October 19, stating its intention to list shares of its spot bitcoin ETF on the New York Stock Exchange Arca under the ticker GBTC.
   
   
4. Q3 GDP beats estimates, and treasury yields continue to rise: Third-quarter US GDP showed robust growth of 4.9% on an annual basis, surpassing estimates of 4.7%. Treasury yields continued to rise, putting additional pressure on equities. Yields on the 10-year treasury surpassed 5% on Monday, hitting its highest level in over a decade, but has since dipped to the 4.8% range.
   

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