Bitcoin briefly tops $37K amid market optimism for pending spot ETF approvals

The price of Bitcoin has surpassed $37,000 for the first time since May 2022.

Bitcoin (BTC) briefly surpassed the $37,000 mark for the first time in 18 months as the broader markets reflect optimism over the pending approval of spot BTC exchange-traded funds (ETF) in the United States.

Data from several cryptocurrency market platforms, including Cointelegraph Markets Pro and TradingView, showed BTC/USD hitting $37,073 at 7:47 am Eastern Time on Nov. 9 before retracing below the mark.

Bitcoin Futures were also trading over $37,000 soon after, with price data from the Chicago Mercantile Exchange (CME) going as high as $37,450 at 5:22 am ET.

Bitcoin’s most recent price surge has been attributed to the potential approval of 12 separate spot Bitcoin ETFs over the next week. According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, the U.S. Securities and Exchange Commission (SEC) has a window until Nov. 17 to approve a number of high-profile offerings from prominent U.S. fund managers.

While there is much fanfare over the potential approval of these highly-anticipated BTC products, both analysts have also noted that there could be a lag time of a month or more before these offerings actually launch. 

Meanwhile, Grayscale, the largest cryptocurrency asset manager in the U.S., has also reportedly engaged the SEC directly to convert its Grayscale Bitcoin Trust to a spot Bitcoin ETF. The U.S. is yet to see a spot Bitcoin ETF approved, which would allow investors to gain indirect exposure to a financial product that is physically backed by BTC.

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