Bitcoin ETF Approval Expected by Month-End, Prominent Hedge Fund Puts More Weight on BTC –

Bitcoin price rose above $55,000 for the first time in four months on Wednesday, giving supporters hope that the crypto bull run has been reignited. Speculators are predicting that a Bitcoin exchange traded fund (ETF) will be approved soon, and some believe Bitcoin will outperform other crypto assets this month.

ETF Analyst Eric Balchunas Discusses Bitcoin Exchange Traded Fund Approval Rates

While 13 digital currencies outperformed Bitcoin ( BTC ) this past week, BTC has been a top performer at 34.2% in the last seven days. On Wednesday the statistics show that BTC gained more than 7% in value and reached a daily high of $55,800.

One of the reasons for Bitcoin's price rise is the rumor that an exchange-traded fund (ETF) could get the green light from the US Securities and Exchange Commission (SEC). Bloomberg ETF analyst Eric Balchunas discussed his opinion on this possibility on October 2nd and shared a screenshot of the odds. Balchunas also mentioned SEC Chairman Gary Gensler, calling him “Genz” and how he likes the futures version of Bitcoin ETFs.

“Yes, the SEC has canceled the approval of Bitcoin ETFs,” Balchunas said tweeted. "BUT this is for those who are physically backed under the '33 Act. The futures ETFs filed under the '40 Act (which Genz loves) are very much alive and probably on schedule (we believe a 75% chance of being approved in October)."

ETF analyst Balchunas' odds are shown below.

Titan Crypto adds more weight to Bitcoin

In addition to the odds from the ETF analyst, mobile hedge fund and investment firm backed by a16z, Kevin Durant, Ashton Kutcher and Will Smith, titanium, revealed that the actively managed crypto fund for Titan clients will be changing its positions in the space to give more weight to Bitcoin.

"We have reduced our other positions to shift our weight behind Bitcoin. We believe it is Bitcoin's time to shine," Titan called on Wednesday evening (EST). "After a very rocky end to September in crypto markets, October has started with significant gains. Some were surprised to see Bitcoin holding $40,000 through September, despite a deluge of bad news. Titan added:

But – as mentioned in our previous updates – on-chain data continued to show bullish broader accumulation trends from institutional investors and whales, who appeared completely unfazed despite increased volatility. We saw Bitcoin jump as high as $55,000 this week, but we see more room to run.

Titan gives four specific reasons why Titan researchers believe Bitcoin's value will "grow exponentially in October, while other crypto assets may plateau." Titan's reasons are:

• „Wir glauben, dass Bitcoin-ETFs kommen: Die Genehmigung von US-basierten Bitcoin-Futures-ETFs könnte bereits in diesem Monat erfolgen, mit vielversprechenden Kommentaren des SEC-Vorsitzenden Gary Gensler.“
• „Bitcoin spielt Aufholjagd: Wir haben gesehen, wie Altcoins im letzten Monat neue Allzeithochs erreicht haben, während sich Bitcoin zwischen 40-50.000 USD konsolidiert hat. Wir glauben, dass Bitcoin im Begriff ist, das Feld einzuholen.“
• „Eine Pause von der Altcoin-Saison einlegen: Der Altcoin-Saison-Index zeigt, dass die Altcoin-Saison möglicherweise bereits einen lokalen Höhepunkt erreicht hat und der Markt kurzfristig zur Bitcoin-Saison zurückkehrt.“
• „Umkehrung der institutionellen Ströme: Nach der längsten Welle institutioneller Abflüsse verzeichnet Bitcoin in den letzten zwei Wochen starke Zuflüsse. Wir glauben, dass dieser entscheidende Stimmungsumschwung auf das wachsende Vertrauen institutioneller Anleger in die Anlageklasse zurückzuführen ist. Sobald eine Institution Bitcoin kauft, können Sie im Allgemeinen davon ausgehen, dass sie HODL erhält.“

Crypto Derivatives Exchange CEO: “Money to convert from alts to Bitcoin in the future”

The crypto derivatives exchange Delta Exchange and its CEO Pankaj Balani share a similar view that BTC is expected to outperform other crypto assets. “Bitcoin has risen following its seasonal correction in September,” Balani said in a note to Bitcoin.com News. "Price action looks very bullish as Bitcoin is strong despite weakness in the global macro. Bitcoin has also digested all the negative news that has come out of China in recent weeks, which is a very positive sign." Balani added:

There has been new spot buying activity in Bitcoin and given the price action, we expect a new ATH in the coming weeks. We also expect that Bitcoin will outperform altcoins and that money will be converted from alts to Bitcoin in the future.

What do you think about the prediction that Bitcoin will outperform other crypto assets in October? Do you think a Bitcoin ETF will be approved? Let us know your thoughts on this topic in the comments below.

Photo credits: Shutterstock, Pixabay, Wiki Commons, Titan, Bloomberg ETF analyst Eric Balchunas, Twitter,