Bitcoin Price Pumps to $37,000 But Bitcoin ETF Token Attracts $140,000 And Could Be The Best BTC Alternative
Thursday, November 9, 2023 – The Bitcoin price has hit $37,000, making good on all the losses suffered since TerraUSD imploded 18 months ago, but in-the-know traders think Bitcoin ETF Token ($BTCETF) is a Bitcoin alternative with greater potential.
New cryptocurrency Bitcoin ETF Token’s ICO is only days old but has pulled in $140,000 from investors because of its audacious pitch into the lucrative Bitcoin ETF theme that underpins the current crypto rally. $BTCETF is also garnering attention because of its DeFi attributes.
Crypto is seeing the return of animal spirits as speculative flows come back into the market. Energizing the Bitcoin and broader crypto bull run are factors such as the pause or possible termination of the Fed’s interest rate hike cycle and the prospect of a spot Bitcoin ETF launch.
Also encouraging traders to re-enter the market is the state of play in other asset classes, in particular stocks, where the rally of the past year has returned just 10% while Bitcoin has more than doubled in price, up 127% during the same period.
Indicative of the end of the so-called crypto winter is the positive funding rate in the perpetual futures market for Bitcoin and the rise in yields on offer in the decentralized finance (DeFi) space.
Over the past few weeks, the Bitcoin perpetual futures funding rate on an open-interest weighted basis is averaging levels last achieved in March this year. A positive funding rate indicates a preponderance of long positions in the market.
Similarly, after lows last registered in 2021, total value locked (TVL) in DeFi protocols has now turned sharply higher to $44 billion, although that’s still some way off the highs of 2021 when TVL reached $180 billion.
$BTCETF tokens can be bought in
