WisdomTree has indicated that it is still in contact with the U.S. Securities and Exchange Commission (SEC) by resubmitting its application for an exchange-traded fund (ETF) that would track spot Bitcoin prices.
Many analysts, such as well-known ETF specialist James Seyffart, see this stage as a standard but essential step in the approval process for ETFs.
Given that Bitcoin is expected to undergo a halving event in the upcoming months, a notable price increase is anticipated.
The event, which is slated for April of next year, is being closely watched by traders and investors, though it is still unclear how volatile things could get.
Deribit estimates that about 35,000 Bitcoin option contracts expired on Friday, with a combined value of almost $1.3 billion, further exacerbating the market dynamics. These contracts’ expiration could have an impact on Bitcoin’s weekend movement.
However, a recent market downturn coincided with a brief correction for Bitcoin. Though it attempted unsuccessfully to break above $38,000, Bitcoin experienced a correction and is now trading at $36,251, down 2.51% over the last day.
Bitcoin has struggled to break above the $38,000 barrier, which has led to selling pressure.