BTC ETF Frenzy: BlackRock, Fidelity And More Enter The Race

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BTC ETF Frenzy: BlackRock, Fidelity And More Enter The Race

The Bitcoin (BTC) monitoring Twitter (X) account, Documenting Bitcoin, shared a post on X yesterday, revealing that many big-name institutional investors are taking the opportunity to file for BTC ETFs (Exchange Traded Fund). BlackRock, Fidelity, Franklin Templeton, Invesco Galaxy, and WisdomTree were the top 5 largest companies to file for the sought-after ETF.

Also included in Documenting Bitcoin’s list were VanEck, GlobalX, ARK Invest, Bitwise, and Valkyrie. Overall, the total assets managed among all of the ETF hopefuls amount to $17.7 trillion.

Institutions filed for a #bitcoin ETF– BlackRock ($10T)– Fidelity ($4.5T)– Franklin Templeton ($1.5T)– Invesco Galaxy ($1.5T)– WisdomTree ($87B)– VanEck ($61B)– GlobalX ($40B)– ARK Invest ($14B)– Bitwise ($1B)– Valkyrie ($1B)Total assets managed: $17.7 trillion

— Documenting ₿itcoin 📄 (@DocumentingBTC) September 12, 2023

With regards to what BTC’s price has been up to over the past 24 hours, CoinMarketCap indicated that the market leader’s price was able to climb by 0.90% during this time. This left BTC trading hands at $25,981.03 at press time.

Although the cryptocurrency was able to set a 24-hour high of $26,451.94, it was trading a bit closer to its daily low of $25,744.51. Meanwhile, BTC’s 24-hour trading volume took a more than 11% knock throughout the past day of trading. This left it standing at around $15,835,899,188.

The increase in BTC’s price allowed its weekly performance to rise back into the green to +0.92. However, the market leader suffered a more than 11% loss over the past thirty days.

BTC ETF Frenzy: BlackRock, Fidelity And More Enter The Race

Daily chart for BTC/USDT (Source: TradingView)

In the past 3 days, BTC’s price rebounded from the $24,695 support level. Subsequently, the cryptocurrency garnered the momentum needed to break above the 9-day EMA line at around $25,840.71, where it continued to trade at press time.

If BTC is able to close today’s daily candle above this technical indicator, then it may attempt to overcome the 20-day EMA line as well, before challenging the $26,915 resistance level in the coming few days. A break and a sustained position above this barrier will open up the possibility of BTC’s price rising to the next significant price point at $30K.

However, BTC’s failure to close today’s daily candle above the 9-day EMA line will invalidate this bullish thesis. In this scenario, the leading cryptocurrency’s price could drop back down to the aforementioned support level at $24,695.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.


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