Bitcoin Social Dominance Soars As Spot ETF Approval Nears: Santiment

Samuel Edyme

1 year ago

4 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The crypto community is buzzing about the US Securities and Exchange Commission (SEC) approving spot Bitcoin Exchange-Traded Funds (ETFs). This anticipation has permeated market discussions and significantly influenced social media metrics around Bitcoin.

According to Santiment, a leading on-chain analytics platform, there has been a notable increase in Bitcoin’s social dominance in recent times, particularly in short-term periods.

Bitcoin Social Dominance Surge And Market Response

Santiment’s data reveals a spike in Bitcoin ETF-related conversations since mid-October, marking the highest level of social interest since the bullish rally. The top eight trending topics in these discussions include ETF, BTC, week, approval, BTC ETF, Monday, spot, and Gary, signifying the community’s focus on the potential ETF approval.

📈 The potential #BitcoinETF approval is seemingly on all of the #crypto community’s mind as $BTC has surged above $46.1K for the first time since April, 2022. Wide expectations presume several #ETF applications will be approved simultaneously, which would immediately

(Cont) 👇 pic.twitter.com/60fc77UUp8

— Santiment (@santimentfeed) January 8, 2024

This trend is not just a reflection of growing investor interest but also points to the impact of social sentiment on market dynamics. As conversations around Bitcoin ETFs dominate social platforms, they highlight the significant role of community expectations and speculative discussions in shaping market trends.

Amid this heightened social chatter, Bitcoin’s market performance has mirrored the optimistic sentiment. Yesterday, the flagship crypto surged past the $47,000 mark, a notable achievement since April 2022.

Although there has been a slight retracement, with Bitcoin currently trading around $46,721, the asset maintains a 3.8% increase over the past day.

Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com — BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

ETF Approval Anticipation: Analysts Offer Perspectives On SEC’s Swift Response

Notably, Bitcoin’s rally underscores the market’s responsiveness to the spot ETF buzz and the potential impact of the anticipated approval. So far, experts in the field have been closely monitoring these developments, offering their insights into the unfolding scenario.

One significant observation comes from James Seyffart, an ETF sector analyst, who offers an alternative view to the speculation of an approval delay by the US SEC.

Seyffart acknowledges the SEC’s recent comments on the S-1 filings of aspiring issuers, particularly regarding fee structures. However, he interprets these developments not as signs of postponement but as indications of the SEC’s readiness to progress.

1. This is true, comments came back on those S-1 documents with the fees that we all went crazy over this morning (this isn’t out of ordinary)
2. Expect to see more amendments tomorrow because of this
3. That said — I don’t think this is necessarily a delay signal https://t.co/o2m0lIBSct

— James Seyffart (@JSeyff) January 9, 2024

The promptness in the SEC’s feedback, Seyffart notes, is unusual for the agency and suggests an eagerness to advance the approval process. Echoing Seyffart’s opinion, ETF specialist Scott Johnsson remarked on the unusual swiftness of the SEC’s recent feedback.

Johnsson remembered how past ETF approvals, such as the futures-based ones in 2022, did not require fully completed S-1 forms for 19b-4 approval. Johnsson suggests that the current swift response from the US SEC likely indicates a deliberate effort to accelerate the approval and introduction of spot Bitcoin ETFs.

Yes, it’s unheard of. And to remind everyone, S-1s do not NEED to be complete when 19b-4s are approved. Take futures ETFs in 2022. Hashdex didn’t even get initial comments until after its 19b-4 was approved. More than anything, these quick comments demonstrate SEC working to push… https://t.co/SjIUIHxQD4

— Scott Johnsson (@SGJohnsson) January 9, 2024

This perspective offers a ray of hope to the crypto community, eagerly awaiting a favorable decision that could significantly impact the market and solidify Bitcoin’s position in the broader financial landscape.

Featured image from Unsplash, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.