Blockchain

Crypto analyst CryptoInsightUK has shared his bullish sentiment on the XRP price. He noted that something may be brewing for the token and its ecosystem. Interestingly, he agrees that XRP could rise as high as $9.6.

XRP Price Could Replicate 2017 Impulse

In a post shared on his X (formerly Twitter) platform, CryptoInsightUK shared a monthly XRP/BTC chart. He noted that XRP’s largest impulse against BTC was around 5,200%, which occurred back in 2017. Analyzing the chart that he shared, he suggested that a similar setup to that time was building up.

This time, XRP could see higher gains against BTC as CryptoInsightUK stated that the XRP is holding a higher floor. He also mentioned that the technical structure is more bullish after a longer consolidation. Besides these indicators, he highlighted the Relative Strength Index (RSI), which is grinding upwards.

With all this in mind, the crypto analyst believes that “something is coming” for the XRP token. CryptoInsightUK seemed very careful not to provide any projections on how much the XRP token could rally or what price action to expect when this happens. 

However, another prominent crypto analyst, Egrag Crypto, provided an insight into what price action CryptoInsightUk may have in mind. In response to the main post, Egrag replied and stated that XRP could hit between $9.6 and $10 this time around. CryptoInsightUK responded and stated that Egrag’s prediction is “perfect for the range.”

XRP’s Success Hinged On Bitcoin’s?

CryptoInsightUK shared some further thoughts when quizzed by another X user if the community may see any XRP price action this year. He suggested that any XRP rally was dependent on Bitcoin’s move as XRP goes higher whenever Bitcoin does so. As such, he is cheering Bitcoin on right now so that there can also be some price action from XRP. 

As to when to expect this rally from XRP, he isn’t certain, as he stated that finding the starting point is hard. That is why the analyst is just comfortable with holding and waiting with his XRP bags. Despite the uncertainty, the crypto analyst seems to be one of those who is very bullish on the XRP token. 

Another prominent figure in the XRP community, Rob Art, also shared similar sentiments with CryptoInisghtUK. He suggested that XRP cannot make a new all-time high (ATH) without Bitcoin doing so in the same cycle. As such, he believes that XRP can only fly when Bitcoin does so, too. 

At the time of writing, XRP is trading at around $0.60, down almost 1% in the last 24 hours, according to data from CoinMarketCap. 

DOT, the native currency of Polkadot, a smart contract platform, remains under pressure, posting sharp losses after soaring to an all-time high of around $55 in 2021. The coin is trading at about $6, volatile but up roughly 45% from 2022 lows, buoyed by the broader recovery across the crypto scene.

Will DOT Break Above Immediate Resistance Levels?

Despite DOT’s woes, one crypto trader, @Ashcryptoreal, is bullish on the coin’s prospects, pointing to the eventual implementation of Polkadot 2.0, a critical update for the cross-chain network. Taking to X on November 27, the crypto trader believes that Polkadot 2.0 will fix present issues plaguing the smart contract platform. 

Specifically, Polkadot 2.0 represents an overhaul set to introduce several enhancements that could, if executed as stated, propel DOT above current resistance levels. With rising DOT demand, the coin, and by extension, the platform, could soar, rising to its former glory as one of the leading blockchains with dense user activity. 

Looking at price action, DOT is moving within a broad horizontal range with caps at around $3.5 and $7.5. Despite the recent spike, which saw the coin roar by 45%, prices are moving inside the bull bar of early November. 

Based on this, there must be a sharp expansion from spot levels above $5.6 with rising trading volumes for buyers to be in charge. Even so, the current formation still favors buyers.

What’s The Big Deal About Polkadot 2.0

Polkadot 2.0 overhauls certain features as it is currently in the network. However, most importantly, analysts observe that proposed changes could enhance the network’s capabilities and attract more developers. 

After the update, Polkadot will migrate from the dynamic block space allocation system, allowing developers to purchase block space as needed, either in bulk or individually. This flexibility could make the network more appealing to various projects.

Additionally, Polkadot 2.0 will introduce elastic cores, enabling the network to adapt to varying computing demands depending on use. This adaptability may make the network more efficient. Moreover, it adapts to the diverse needs of developers.

The concept of coretime, which measures computing resource demands, will be a notable addition to Polkadot 2.0. Like in EOS, resources in “core time” will be purchased through auctions or pay-as-you-go basis, allowing developers more control.

Analysts expect these changes to increase the demand for DOT since the coin serves as a medium of exchange. All on-chain transactions are settled in DOT. 

The potential approval of a Bitcoin ETF (Exchange Traded Fund) is bound to open new opportunities for traders. The expectations surrounding this event impact the market now, but an expert believes they will have a more substantial effect in the coming months. 

As of this writing, Bitcoin trades at $37,400 with a 1% profit in the last 24 hours. Over the previous week, the cryptocurrency stayed in the green with a 3% profit, holding the critical level of $37,000 despite the increase in selling pressure.

The Lucrative Strategy In Anticipation Of Bitcoin ETF Approval

As Bitcoin’s value soars with a remarkable 125% increase this year, a new trading strategy emerges, promising high returns in the wake of the anticipated Bitcoin ETF. A seasoned market analyst, Markus Thielen, unveils insights into leveraging the evolving crypto market dynamics for profitable trading in an essay posted by options platform Deribit.

Thielen’s analysis reveals an “unusual” trend in the Bitcoin market: despite its significant rally, the 30-day realized volatility remains at a modest 41%, starkly contrasting to the 5-year average of 63%.

According to the analyst, this subdued volatility reflects a declining interest in leveraged Bitcoin options, a direct consequence of institutional players entering the crypto arena.

These players, holding significant Bitcoin assets, will likely sell volatility, fostering a more stable market environment that mirrors traditional financial markets.

In this landscape, the strategy of selling strangles (120% call and 80% put) on a 30-day rolling basis stands out. According to Thielen, this approach has shown profitability in approximately 23% of cases over the past year, as seen in the chart below, marking a significant improvement from the decentralized finance (DeFi) summer’s high-risk profile.

At that time, DeFi protocols attracted billions in capital to the crypto ecosystem contributing to the incipient Bitcoin rally. While there are differences in the current market dynamics, options players are likely to benefit from this strategy.

This strategy, particularly effective during low-risk periods, suggests a window of opportunity for traders to capitalize on before introducing institutional influence.

Institutional Involvement Expected to Stabilize Bitcoin Market

The anticipated launch of the Bitcoin ETF is set to transform the market further. This event is expected to recalibrate the put/call ratio, which leans heavily toward calls.

Thielen compares it to the S&P 500, where the put/call ratio has been more balanced. The Bitcoin market might soon witness a similar equilibrium, presenting an opportunity for traders to harness volatility through a sell-put strategy.

Furthermore, Thielen notes that the post-ETF approval phase could be the last chance for traders to exploit high volatility levels. Once institutional players begin systematically selling volatility, the market is expected to enter a phase of reduced price fluctuations, making volatility-based strategies less effective.

The analysis also touches upon Bitcoin’s correlation with broader market indicators like the VIX index. While the Bitcoin market has maintained high volatility relative to the VIX index, this gap is anticipated to narrow, offering traders a strategic edge in timing their trades effectively.

In conclusion, as the Bitcoin ETF approaches and institutional participation increases, savvy traders can look towards selling strangles as a strategic approach to capitalize on the current market conditions.

Cover image from Unsplash, chart from Deribit and Tradingview

Crypto analyst Egrag Crypto continues to maintain his bullish stance on the XRP token. This time, he is predicting that the token could rise to as high as $27. He also laid out why this is a real possibility. 

How XRP Could Climb To $27

In a post shared on his X (formerly Twitter) platform, Egrag highlighted $1.3, $3, $5.8, and $27 as the “next stops” for XRP. He mentioned that $27 feels like a “plausible target,” having the 2017 surge in mind when the token saw a 61,000% gain in 280 days. According to Egrag, on the way to $27, $3 and $5.8 “stand as critical milestones.” 

Once that is done, the road isn’t going to be all clear for the token on the way to $27, though. The analyst believes that XRP pushing to between $6 and $7 might come with “some turbulence.” He further shared a chart to illustrate how the current price action and a “yellow fractal pattern” indicate a striking similarity. 

Egrag noted that if the pattern persists, then the community can expect XRP to hit $0.55, followed by $0.75. If that happens, the crypto analyst stated that the next level will be the pivotal goal of $1.3, which happens to be a crucial resistance level.

Egrag seemed very optimistic about the future of XRP. He mentioned that the ecosystem is set to enjoy a surge of liquidity in the next bull run. He also alluded to the fact that XRP happens to be the safest investment choice as a result of the regulatory clarity it enjoys. 

Regulatory Clarity Is The Biggest Selling Point

Regulatory clarity continues to be a constant as many analysts tip XRP as one of the tokens that are going to see immense gains in the next bull run. Recently, prominent crypto analyst CryptoInsightUk shared his thoughts on whether XRP could enjoy a similar success to the one back in 2017. 

One of the factors that he mentioned is the fact that XRP is in “a unique position” following Judge Analisa Torres’ ruling that the token isn’t a security in itself. Ex-banker and financial expert Kyren also alluded to this fact when he mentioned that the next bull run “will be a special one for XRP.”

Ripple’s Chief Legal Officer (CLO) Stuart Alderoty had previously mentioned that XRP has a unique positioning in the US since it has been declared as a non-security. 

This regulatory clarity is believed to have helped revive interest in the token. Many exchanges have also gone to relist the token, and many seem to be showing more interest in XRP. 

Shiba Inu (SHIB), an Ethereum-based altcoin has recently garnered the attention of the cryptocurrency community and investors as the token’s burn rate experienced a massive surge.

Shiba Inu Burn Rate Increases Significant

The Shiba Inu burn rate recently increased significantly by 499,416% in a 24-hour period between Sunday and Monday. Data from Shibburn – the platform that tracks SHIB token burns, shows this marks a new record for the token’s burn initiative. It also highlights the renewed strength of the community’s attempts to manage its token total supply.

Furthermore, the data also shows that over 264.20 million SHIB tokens were burned on the same day. The recent uptick in the SHIB burn rate can be traced back to several burn transactions. However, a single transaction that was carried out by an unknown wallet address is believed to have buttressed the surge.

According to the data available, the unknown wallet address transferred approximately 261.4 million SHIB tokens to a burn wallet on Monday. An important turning point in the SHIB burn initiative was reached with this transaction alone. This is because the transaction made up about 98% of all the tokens burned during this time.

Another transaction also garnered significant attention in the community. The wallet transferred approximately 21.52 million SHIB tokens to a burning wallet.

These kind of transactions are significant because it reduces the total supply of SHIB tokens in circulation. Over 410.66 trillion SHIB tokens have been burned from its total supply in circulation. Currently, the total supply of SHIB tokens in circulation is sitting at approximately 589.35 trillion tokens, according to CoinMarketCap.

The Importance Of SHIB Revealed

A Shiba Inu community member has recently revealed the importance of the SHIB tokens in the Shiba Inu ecosystem. The member suggests that people need to read the Shibpaper to know the role of the token.

They took to X (formerly Twitter) to share a screenshot of the project’s whitepaper on the role of the SHIB token. According to the screenshot, the tokens serve as the ecosystem’s legislative instrument as it states that SHIB tokens “propels legislative machinery.” It also grants every Shibizen an equitable voice in molding the project’s journey.

The screenshot read:

The Shib token allows for symbolically propels our legislative machinery. Embodying our democratic fabric, it grants every Shibizen an equitable voice in molding our shared journey. From council elections to legislative votes, the Shib token guarantees transparency and participative democracy.

The recent spike in burn rate has provided the SHIB community with a newfound hope, even though the road to a significant price gain appears long. With over 500 trillion SHIB tokens still in circulation, the community is still positive about potential price gains ahead.

On-chain data shows the Bitcoin SOPR hasn’t yet reached high levels that have been associated with heated bull market phases in the past.

Bitcoin SOPR Has Only Seen Mildly Positive Values Recently

In a CryptoQuant Quicktake post, an analyst has explained how market psychology has driven the BTC price during the past few years. The on-chain indicator that best represents the Bitcoin trader psychology according to the quant is the “Spent Output Profit Ratio” (SOPR).

The SOPR basically tells us about whether the BTC investors are selling their coins (or more precisely, transferring them on the blockchain) at a net amount of profit or loss.

When the indicator has a value greater than 1, it means that the average holder in the sector is selling their coins at some profit right now. On the other hand, a value under this threshold implies that loss-selling is dominant among the participants.

Naturally, when the SOPR has a value exactly equal to 1, the overall market can be assumed to be just breaking even on their selling, as the number of profits being realized is exactly canceling out the losses.

Now, here is a chart that shows the trend in the Bitcoin SOPR over the past few years:

In the above graph, the analyst has marked the pattern that the Bitcoin SOPR has followed in recent years. During the 2018 bear market, the BTC SOPR dropped to pretty low values below 1 following the November 2018 crash. Coinciding with these lows in the metric, the price also found its bottom.

In the 2022 bear market, the BTC investors were keeping still in the red as they participated in only a relatively low amount of loss selling until the FTX crash occurred and the holders finally capitulated to a significant degree.

So far, it would appear that the low after the FTX collapse was indeed the bottom for the current cycle, as BTC has only gone and doubled in value since then. The pattern of this bottom has also been consistent with the one of the 2018 bear market.

In between these two major bottoms, there was also a large-scale capitulation event back in 2020, but this crash was mostly an anomaly caused by the unexpected emergence of the COVID-19 pandemic.

From the chart, it’s visible that the trend during rallies has generally been just the opposite: investors start selling at large profits and once the profit-taking attains extreme levels, the top is hit.

Earlier this year, the BTC SOPR spiked to high levels around when BTC hit its local top in April. Since then, though, the indicator has remained relatively calm, with some mild profit-taking coming after the latest leg in the rally.

“There will be many corrections and declines in the current market until it reaches the peak of the bull market, but from a psychological perspective, there still seems to be enough time left until the latter half of the bull market,” thinks the quant.

BTC Price

Bitcoin had registered a decline below the $37,000 level during the past day, but the asset has pulled itself back up since then as it’s just floating above the mark now.

XRP investors may be looking at one of the most important upgrades yet according to a prominent developer in the community. This was revealed by the lead developer of one of the major projects building on the XRP Ledger, hinting that a MasterCard integration may be coming.

Bringing MasterCard, Self-Custody, And More To XRP

In a post that was shared on X (formerly Twitter), Xumm Wallet lead developer Wietse Wind excitedly announced to the community that self-custody is on the way. The announcement featured a screenshot that showed the option to make purchases with prepaid XRP, a feature that is yet to drop.

“Right on time for the holidays: the gift of self custody. Xumm @Tangem  NFC hardware wallets: ordered with optional pre-paid XRP to cover the account reserve & an additional 50$ in XRP (no KYC). Full announcement & details: upcoming week,” the developer said.

This sparked a lot of excitement in the community but these also came with questions. One X user asked if users would be able to link a credit card to their Xumm wallet to make purchases. The developer responded by saying “These are hardware wallets, they don’t work @ terminals and ATMs.”

However, in a follow-up, the user declared “Debit cards and Xumm is all I want.” To which Wietse Wind responded that they are working on it. “Debit MasterCard, self custody, card authorization with custom on ledger limits on your account using a Hook,” Wietse Wind revealed.

Working on this.

Debit MasterCard, self custody, card authorization with custom on ledger limits on your account using a Hook. https://t.co/BOlFKlddzx

— WietseWind (+ Xumm @ XRPL Labs) (@WietseWind) November 26, 2023

Concerns About Card Fees

Following Wietse Wind’s announcement that the team was working on bringing MasterCard integration to the XRP wallet, questions flowed as community members sought out clarifications on what this could mean. One particularly recurring theme was card fees which users have come to loathe.

One user John Mcclain implored the team to not have a +1% fee on charges, referencing the charges by another prominent payment platform in the XRP space, Uphold, which the user says charges a high fee. According to them, “This can really add up quick!”

Moving to allay worries, Wietse Wind reminded users that using credit and debit cards means that there will be fees attached. This is because this is how these cards work, and also “that’s how they are able to insure, give cash backs, and make tremendous amounts of money.”

However, this problem does not seem to be alien to the Xumm team as the developer revealed that running entirely separate rails would be beneficial in addressing the fees issue. But for now, “we’ll have to address the chicken/egg problem over and over again.”

A recent analysis by crypto expert CryptoCon, focusing on the Ichimoku Cloud indicator, suggests a bullish outlook for Bitcoin, with a potential rally to $48,000 by early January.

CryptoCon, in his latest analysis, highlighted the reliability of the Weekly Ichimoku Cloud, stating, “The Weekly Ichimoku cloud called our last Bitcoin rise to $38,000 2 months in advance with the cross projected in the future.”

The analyst’s confidence stems from the indicator’s historical performance, which has reportedly signaled previous price movements with considerable accuracy – 11 weeks, 7 weeks, and 13 weeks in advance.

Bitcoin Rally To $48,000 Ahead?

The chart by CryptoCon’s statement delineates four distinct cycles, each marked by significant price events and the Ichimoku Cloud’s predictive crosses. The current cycle, referred to as Cycle 4 spanning from 2023 to 2026, shows a Leading Span Cross – a crucial signal within the Ichimoku Cloud methodology – pointing towards an upward trajectory.

CryptoCon explains, “Now we wait for it to fill its next calls, the completion of our rise and the first target of 43k.” This anticipation is based on the observed durations from the Leading Span Cross to the respective local tops, ranging from 7 to 11 weeks, with an average of 10 weeks. If the pattern holds, the suggested timeline places the completion of this rise in early January.

The analysis further emphasizes the potential for Bitcoin to reach the upper limits of the red section of the Ichimoku Cloud, also known as the “Leading Span B.” According to CryptoCon, “The most conservative level here is 43.2k, but the true top of the red cloud could be labeled as high as 48k.”

It’s worth noting that the Ichimoku Cloud is a comprehensive indicator that provides insights into market momentum, trend direction, and support and resistance levels. The tool is highly regarded for its forward-looking capabilities, especially the “clouds,” which are projected 26 periods ahead of the current price to suggest future potential support or resistance zones.

BTC Price Floor Could Be $41.200 Post Halving

On a related note, Charles Edwards, the founder of Capriole Investments, provided a data-driven perspective on the future of Bitcoin’s price floor. With the next Bitcoin Halving event scheduled in April 2024, Edwards projects significant changes in the mining economics of the leading cryptocurrency.

“In April 2024, Bitcoin’s Electrical Cost, the raw energy cost of mining Bitcoin, will double overnight. This is a certainty,” Edwards declared, drawing attention to the predictable nature of the Halving event which slashes the reward for mining Bitcoin transactions in half. This systemic shift will likely push inefficient mining operations out of the market, as they grapple with suddenly halved revenue against a backdrop of static expenses.

Edwards’ analysis of past Halving events reveals a trend where the Electrical Cost—essentially the floor for Bitcoin’s price—settles at a significantly higher level post-Halving.

“In the last two Halvings, Electrical Cost bottomed at +65% and +50% of the pre-Halving values,” he notes. If this pattern holds true, and the Electrical Cost bottoms at +50% this time around, it is estimated that “the historic price floor of Bitcoin will be $41.2K in just 5 months’ time.”

At press time, BTC was trading in the middle of the range at $37,146. Even though BTC has broken out of the trend channel to the downside, the price is making further higher lows.

Positive events have come for Solana (SOL), the high-performance blockchain network, indicating bullish momentum. In the last month, the price of Solana has risen by 84%, and is currently trading at $56.

With gains of 18 out of the previous 30 days and price volatility of 22.32%, Solana is still a force to reckon with. In that span of time, SOL’s price surged by a staggering 78%, from $32 to $57.

The ecosystem is much more excited now that Binance has listed BONK, a meme coin based in Solana. Further evidence of Solana’s commitment to the arts is the creation of Artists in Residence, a bustling studio that showcases the variety of art forms involved in the project.

Introducing Artists in Residence: A living studio, curated to showcase the diversity of art in the Solana ecosystem.

Witness the artists create live at @ArtBasel Miami Beach & celebrate a dimension of creative expression that is only possible on Solana.https://t.co/jMFWmVE31d pic.twitter.com/p9IjB8pGKd

— Solana (@solana) November 20, 2023

Analyst’s Bullish Prognosis: Solana’s Surge As Ethereum Challenger

Bluntz, a well-known pseudonymous cryptocurrency expert, has shared an intriguing forecast for Solana (SOL), predicting a strong rebound and an upward trend for the virtual asset.

Bluntz recently stated in a YouTube presentation that Solana’s native cryptocurrency, SOL, which is a strong competitor to Ethereum (ETH), has a potential to hit the $80 level.

Based on his research, Solana looks to be about to experience a significant uptick, indicating possible buying opportunities as it stands as a formidable Ethereum substitute in the cryptocurrency market.

The Elliott Wave theory, a popular technical analysis approach in trading that Ralph Nelson Elliott created in the 1930s, is the main focus of Bluntz’s analysis.

Elliott Wave theory states that price movements in financial markets typically follow a natural rhythm that consists of five waves that follow the trend and three waves that correct it.

Bluntz said that Solana has effectively passed through its corrective phase—a pivotal point that suggests there may be a big upswing.

His analysis indicates that this pattern marks the end of Solana’s declining price trend and the beginning of a new growing phase for the cryptocurrency.

Solana’s Anticipated Triple-Digit Surge In 2024

Meanwhile, X account @AltcoinSherpa, a crypto analyst, is optimistic about SOL. After analyzing the SOL price pattern, the analyst stated that a sub-$50 entry would be excellent and that they expected the SOL price to correct.

The price of Solana has been rising since mid-October 2023, and reaching its 2023 peak of $68.20 on November 16 before a decline started.

AltcoinSherpa projects that the price of SOL would soar to three figures in 2024.

1/ Exciting times for the Solana community as we delve into the post-Breakpoint era! Solana Breakpoint 2023 in Amsterdam was a game-changer, fueling a massive 140% surge in $SOL and an overall ecosystem rebound. Let’s break down the highlights! pic.twitter.com/cF2Na7a97O

— CoinEx Global (@coinexcom) November 24, 2023

In a related development, CoinEx Research, the research and development arm of the CoinEx cryptocurrency exchange site, talked about the top Solana ecosystem trends in Q4 2023.

The recent Solana Breakpoint 2023, a yearly Solana community event in Amsterdam, was the clear cause of the huge surge in the SOL-focused ecosystem, according to CoinEx Research.

Owing to all of these elements, market analysts have projected a bullish price for Solana. By December 2023, they predict its worth to have increased to $60 or more, indicating a strong growth and potential for innovation.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Crypto investment products have experienced another week of inflows, bringing the run to nine consecutive weeks of inflows. According to CoinShares’ latest report on digital asset investment funds, inflows into crypto products totaled $346 million last week, with some cryptos receiving more investments than others. 

With last week’s numbers, the total value of inflows into crypto investment funds this year now stands at $1.663 billion.

Overview Of Institutional Investment In Crypto This Week

Although volatile and still in its nascent phase, the crypto market has attracted its fair share of rich visionaries and institutional traders. While companies like MicroStrategy and Tesla are investing on the spot end of things by buying crypto assets, others are getting exposure to assets through exchange-traded products (ETPs). This is particularly good, as institutional backing in ETPs also brings more stability and legitimacy to the space.

According to CoinShares, Bitcoin has attracted most of the inflows. Bitcoin has been in the spotlight for the past few months, particularly with Spot Bitcoin ETFs waiting to be approved in the US. 

Bitcoin ETPs received a total of $312 million in new inflows last week, bringing its total inflows this year to $1.55 billion. At the same time, Ethereum ETPs witnessed an inflow of $33.5 million, a 915% increase from the previous week’s inflows of $3.3 million. 

Solana ETPs on the other hand, saw an inflow of $3.5 million, a 74% drop from the previous week’s inflow of $13.6 million. Polkadot and Chainlink also saw inflows of $0.8 million and $0.6 million respectively. On the other hand, short Bitcoin products had outflows of $0.9 million last week, a third consecutive week of outflows.

What Is Driving The Institutional Interest?

Institutional investments in digital asset products are now at the highest point since the bull market in late 2021. According to CoinShares, the total assets under management (AuM) are now at $45.3 billion. Most of the momentum for this surge came after the announcement of applications of spot Bitcoin ETFs in the US. 

Applications of spot Ethereum ETFs joined the list last week, spiking the flurry of inflows into Ethereum ETPs last week to extend a positive four-week run of $103 million.

ETPs are still one of the best ways for institutional investors to get exposure to cryptocurrencies like Bitcoin and Ethereum. Their use has been on the rise in recent months, and ETP volumes as a percentage of total spot Bitcoin reached 18% last week. 

This is poised to change soon when spot ETFs are approved and institutional investors have another way to get exposure to Bitcoin. Experts say the first approval for spot ETFs could come early in 2024.