Bitcoin moves towards physical ETFs and half-life | Monex, Masamichi Matsushima.

[October review and December market outlook.]

Downside limited in 2024 due to awareness of bitcoin's half-life?

October bitcoin market review

In October, bitcoin continued to be held back on the upside as US interest rates continued to rise, but soared to the BTC=5.2 million level following progress on the review of physical ETFs.

Crypto asset media outlet Cointelegraph posted the headline ‘BlackRock's physical bitcoin ETF approved’ on a social networking site, which was a false alarm, but shortly afterwards, BlackRock's application for the iShares Bitcoin Trust (IBTC) was listed on the US Depository Trust and Clearing Corp. 's (DTCC) eligible list, which led to a flurry of anticipatory buying.

In addition, as the deteriorating situation in Palestine raised awareness of geopolitical risks, bitcoin became increasingly correlated with gold and attracted some attention as a flight asset.