Bitcoin Price Jump to $47k Ahead of the BTC ETF Approval Deadline

For the first time since March 2022, Bitcoin (BTC) recently recovered $47,000. This occurred soon after several Bitcoin ETF applicants submitted their finalized S-1 form changes to the Securities and Exchange Commission (SEC).

Bitcoin has increased by almost 10% since January 1 and by 6.61% as of Monday. The current market value is $47,100.

As per Coinglass, in the last 24 hours, short positions on cryptocurrency exchanges have been settled for more than $136 million.

One of the biggest liquidations on OKX was a $9.36 million BTC-USDT transaction, involving 124,000 traders.

New and updated management costs for their products were released on Monday by a number of Bitcoin ETF applicants, including BlackRock. Many of these fees fell between 0.2% and 0.3%, below analyst forecasts.

"ETF issuers lowering their fees to absolute bargain basement levels implies massive expectations on their part around AUM," Nic Carter, co-founder of CoinMetrics, said on Monday on X.

Early in 2022, the failed stablecoin issuer Terraform Labs gained a significant amount of Bitcoin, which was then re-added to the market when its currencies collapsed. This was a major factor in the last surge of the cryptocurrency above $47,000.