Bitcoin price has opened the new week defending support at $30,000. While attempts to trend higher have been many over the last couple of weeks, shrinking volumes on exchanges may be depriving bulls of the momentum to sustain these northbound price movements.
Currently lethargic, the crypto market cap is down 0.7% to $1.21 trillion, with Bitcoin accounting for the biggest share at $584 billion. The largest coin is down 0.6% to $30,085, while Ethereum is trading at $1,855, down 0.6% on the day.
Spot ETF Proposals Fail to Spark Bitcoin Price Rally
Bitcoin spot exchange-traded fund (ETF) applications have been the main discussion in the cryptosphere since June. Analysts believe that a spot BTC ETF is the only thing the market cares about, especially with Blackrock joining the race.
However, analysts are divided over the impact of a spot Bitcoin ETF on the crypto industry. Some believe the product will pave the way for institutional investors to gain exposure to Bitcoin. The increased uptake of BTC could be the missing puzzle piece ahead of the much-awaited bull market, keeping in mind the four-year halving cycle in 2024.
“So-called mainstream adoption will bring waves of new entrants to Bitcoin, and the risk is that they won’t care and won’t protect the decentralization properties that make it valuable over centralized alternatives in the first place,” Alex Thorn, head of research at Galaxy, said in a written note to CoinDesk.
Meanwhile, the SEC has already expressed dissatisfaction with the ETF applications, saying that they are inadequate. This compelled Blackrock to resubmit its proposal via Nasdaq last week.