Bitcoin ETF: Recent Grayscale ruling whets whales’ appetites

October 17, 2023

By Aniket Verma

Read Bitcoin’s [BTC] Price Prediction 2023-24

• Bitcoin broke through the $27,000-barrier on Sunday.

• The price rip also bolstered its demand in the derivatives market.

Bitcoin [BTC] blasted past $27,000 in the last 24 hours, as market participants braced for a continued upward trend.

The king coin kept moving northwards until it faced strong resistance at $27,900, data from CoinMarketCap showed. At the time of writing, BTC exchanged hands at $27,724, but hopes of the coin gaining bullish strength in the wake of recent legal wins remained high.

Whales accumulate Bitcoin

With the SEC deciding against the appeal in the keenly watched case against digital asset manager Grayscale Investments, expectations of a Bitcoin spot ETF becoming a reality have become higher than ever. Probably, this played on the minds of whale investors as well.

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