Hashdex became a hot topic, with Nate Geraci, President of ETFStore, discussing nuances of the Hashdex BTC (DEFI) ETF filing.

Geraci highlighted that DEFI would acquire physical BTC and take pricing from a regulated market (CME).

In August, Hashdex entered the race to launch the first BTC-spot ETF in the US. The filing differed from the rest of the spot-ETF applications. Hashdex planned a hybrid ETF, a blend of BTC-spot, BTC Futures contracts, and cash and cash equivalents.

Crypto market participants considered the Hashdex approach a clever way to navigate SEC concerns about using unregulated exchanges.

With amendment filings flying thick and fast, the next focal points must be the approval and institutional interest. The markets are pricing in the SEC approval of BTC-spot ETFs.

However, institutional money inflows will be an unknown. Significant inflows would be necessary to initiate a sustainable BTC and crypto market bull run.

Sam Bankman-Fried Trial Resumes on Thursday

With the prosecution ready to rest, the focus will turn to the Sam Bankman-Fried (SBF) defense strategy. Evidence against SBF was damaging. Interest in the case could intensify, with SBF reportedly giving testimony. SBF must provide a convincing defense, with many calling the move a Hail Mary in a trial SBF could find hard to win.

The defense team will undoubtedly prepare SBF for a smooth session on the stand. However, SBF must successfully navigate the cross-examination to raise hopes of an SBF win.

Plea agreements and, in the case of Adam Yedida, protection from prosecution allowed witnesses to admit their guilt while discussing SBF’s involvement and knowledge of the crimes.

Technical Analysis

Bitcoin Analysis

BTC held above the 50-day and 200-day EMAs, affirming bullish price signals.

A BTC move through the $35,265 resistance level would give the bulls a run at the $36,400 resistance level. BTC-spot ETF activity will likely continue to sustain BTC at current levels. Hints of an imminent SEC approval could fuel another leg up, price-wise.

However, a BTC drop below $33,500 would bring the $32,436 support level into play.

The 14-Daily RSI reading of 88.12 indicates BTC is in overbought territory.