Bitcoin ETF Decision Sparks Bullish Surge, BTC Price Targets $40K

The approval of a spot Bitcoin exchange-traded fund (ETF) by the SEC is fueling a bullish surge in Bitcoin's price, with the market eyeing the $40,000 milestone. The strong bullish sentiment is indicated by the one-month call-put skew, which shows that demand for bullish bets is outpacing downside protection. While 12 asset managers have filed for a spot Bitcoin ETF, the process is complex and the actual launch may be delayed. The SEC has set a window for approval from November 8 to 17, with analysts predicting a high likelihood of approval but a potential launch in the following year. The correlation between ETF developments and Bitcoin's price highlights the market's valuation of such milestones, although concerns about high open interest levels and potential price fluctuations remain.