Crypto News: ProShares ETF Shines as VanEck’s ETF Filing Sparks Investor Interest

Key Insights:

• BTC-spot ETF amendment filings continued late into Friday, with VanEck US filing the latest amendment prospectus with the SEC.
• Sizeable inflows into the BTC Futures ETF market suggest favorable demand for BTC-spot ETF products.
• The SEC approval of BTC-spot ETF applications could be the next catalyst for the BTC bulls.

Bitcoin-Spot ETF Activity Continues to Draw Investor Interest

On Saturday, Bloomberg Intelligence ETF Analyst James Seyffart shared the latest on BTC-spot ETFs, saying,

“Anddddddd VanEck US joins the amendment filings for spot Bitcoin ETF issuers.”

On October 27, VanEck filed a preliminary prospectus for the VanEck Bitcoin Trust, an exchange-traded fund. The investment objective is to reflect the performance of bitcoin less operating expenses by holding bitcoin. According to the preliminary prospectus, Gemini Trust Company LLC will be the custodian, holding all BTC on behalf of the Trust.

Eric Balchunas, an ETF Analyst with Bloomberg Intelligence, shared stats on the ProShares Bitcoin Strategy ETF, saying,

“Notable: BITO traded $1.7b last week, 2^nd biggest week since its wild WEEK ONE. GBTC did $800 million. That’s $2.5b (top 1% among ETFs) into two less desirable methods (vs. spot) or exposure = while we think spot ETFs unlikely to set records on DAY ONE, clearly there’s an audience.”

The ProShares Bitcoin Strategy ETF aims to produce returns that correspond to bitcoin by investing in bitcoin futures contracts. The Fund does not directly invest in bitcoin. Launched in October 2021, the Fund is up 80%, year-to-date, while down 36% since inception.

Bitrue Sends XRP Community a Message

On Friday, Bitrue made an announcement on X (formerly Twitter), targeting the XRP community, saying,

“Attention to all XRP fans. Coming up: XAH Mint Event and Token Listing on Bitrue. Xahau Network is an innovative smart contract sidechain within the XRPL ecosystem. Stay tuned for updates and details. Don’t miss out.”

According to the Xahau whitepaper, “the Xahau Ledger (Xahau) is the smart contract sidechain for the XRPL ecosystem. It is a fork of the XRP Ledger’s open-source rippled codebase that embodies all the useful and innovative features of XRPL, including its environmental sustainability, but tweaks and upgrades the codebase to support smart contracts.”

Burn2Mint Liquidity is one core feature of Xahau,

“As an XRPL sidechain, Xahau will be linked to the XRPL via a one-way Burn2Mint liquidity portal that allows users to clone their XRPL account address on Xahau and burn XRP on mainnet in return for a matching number of Xahau XRP.”

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, sending bullish price signals.

If BTC returns to $34,500, it could support a break above the $35,265 resistance level, allowing the bulls to attempt a move toward the $36,400 resistance level. Favorable BTC-spot ETF application-related news would support a breakout from $34,500.

However, a BTC drop below $33,500 would give the bears a run at the $32,436 support level.

The 14-Daily RSI reading of 79.76 shows BTC in overbought territory.

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, sending bullish price signals.

An ETH breakout from the $1,805 resistance level would support a move toward the trend line.

ETH-spot ETF-related news and SEC vs Coinbase (COIN) and Ripple case-related updates will also influence investor sentiment.

An ETH fall through the $1,741 support level would bring the 200-day EMA into play. A break below the 200-day EMA would give the bears a run at the 50-day EMA and the $1,662 support level.

ETH remains on the border of overbought territory with a 14-Daily RSI reading of 68.06. Seller demand may intensify at 70, barring an ETH price-positive market event.