Bitcoin (BTC) price action on October 16 shows how the market stands in readiness for a positive development when it comes to Spot BTC exchange-traded
Bitcoin price recorded a 10% surge on false reports that iShares Spot BTC ETF application had been approved. While the news proved false, the uptick saw almost $80 million in short positions liquidated against only $18 million longs. Over $1 billion in aggregated open interest was wiped out along with the liquidated shorts. The reaction could be a preview of how the market could receive an actual nod from the commission. funds.
A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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