By Susie Violet Ward · Forbes · 9 November 2023
In November 2023, bitcoin rose to nearly $37,000 amid optimism that the US Securities and Exchange Commission would approve a spot bitcoin ETF. The one-month call-put skew in options markets rose above 10%, its most bullish level since April 2021, as traders bought calls for leveraged upside rather than selling them for yield. Bitcoin had also risen after BlackRock’s proposed ETF ticker appeared on the Depository Trust & Clearing Corporation website.
Twelve asset managers had filed for spot bitcoin ETFs, and the article explains that a launch required SEC approval of both a 19b-4 filing and an S-1 prospectus. It reported a window from 8 to 17 November for a possible first approval, with analysts expecting any launch to follow the next year. With open interest at a six-month high, the article warned of volatility, while noting expectations at the time that bitcoin could reach $40,000.