Bitcoin rallies as the first Exchange Traded Fund (ETF) launched by ProShares debuted in the NYSE. The first cryptocurrency by market cap trades at $62,908 with 2% and 9.5% profits in the daily and weekly charts, respectively. The general sentiment in the market flipped bullish as October made its entry, historically a green month for Bitcoin. Traders and operators seem to expect a fresh all-time high in the near term driven by fresh capital coming into the market via the BTC ETF. Related Reading | TA: Bitcoin Consolidates Gain: What Could Trigger Fresh Rally At press time, ProShares’ product has seen a $280 million in trading volume. Senior ETF analyst for Bloomberg Intelligence Eric Balchunas claims this makes the Bitcoin ETF part of the top 15 at opening day in terms of trading volume with the potential to become number one if it surpasses $1 billion during the day. The Fear and Greed indicators have moved to the upside as a consequence of recent events and Bitcoin’s performance. Per an Arcane Research report, The Fear and Greed Index signaled “extreme greed” for the past two weeks. Related Reading | The On-Chain Metric That Says Bitcoin Is About To Go “Parabolic” This indicator usually fluctuates at high levels when the crypto market hypes over an event, such as the debut of exchange Coinbase on the public market. In addition, Arcane Research claims Bitcoin experienced a similar phenomenon in 2020 when the bull-r...
