Altcoin Rises On Report On Possible ETF Approval

ETF Researchers "LTC, DOGE, SOL, XRP ETF, Over 60% of Probabilities of Approval"
ADA Rises 10% Intra-Day On Submission Of Grayscale ADA Spot ETF Application
Robert Kiyosaki "BTC Brings It's Own Value to Upcoming Global Economic Crisis"

On Feb. 11, the market rebounded mainly on altcoins after news related to a number of altcoins spot exchange-traded funds(ETFs) in the United States were reported.

Bloomberg ETF researchers Eric Balchunas and James Seifert, who have great influence in the market, evaluated the possibility of approving Litecoin(LTC), Dogecoin(DOGE), Solana(SOL) and XRP spot ETFs through their X accounts on Feb. 11.

They set the possibility of approval of Litecoin(LTC) and Dogecoin(DOGE) at 90% and 75%, respectively, and the possibility of approval of Solana(SOL) and XRP(XRP) at 70% and 65%, respectively. The interpretation is that the key leadership of the U.S. Securities and Exchange Commission(SEC) has changed since the Trump administration was launched, and the possibility of approving the spot ETF of Altcoin has also increased.

News that Grayscale submitted an application for approval of the spot ETF of ADA to the SEC on Feb. 10 was also reported. After the news report, ADA recorded an increase of more than 10% during the day, driving the rise of major altcoins.

Bitcoin(BTC) went sideways on Feb. 11 on the wait-and-see attitude formed ahead of the release of the Consumer Price Index (CPI) in January.

◇Bitcoin = Bitcoin price is $98,425 at 4:30 p.m. on Feb. 11, 2025. The Bitcoin share(dominance) was 61.15%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 59.92% and 40.08%, according to the on-chain analytics platform Sigbtc.

There was an opinion that Bitcoin's price would rise significantly along with the gloomy global economic outlook.

Robert Kiyosaki, author of the bestseller , advised on his X account on Feb. 10, "Millions of people will lose their jobs, stocks, and homes in the coming Great Depression," adding, "In order to survive the worst crash, we need to invest in safe assets such as gold, silver, and bitcoin."

"There is an opportunity in every crisis," he said. "This Great Depression will be the best time to get rich for ready people investing in gold, silver and bitcoin."

◇Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Feb. 11 was Quantum(QTUM), which rose about 15%.

Quantum is a blockchain platform that combines the security of Bitcoin and the smart contract function of Ethereum. It has recorded an upward trend with the attention of investors with the recently upgraded protocol and the announcement of a new partnership.

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the 'Fear' phase with 47 points. The neutral phase is the section where psychological resistance and support of market participants appear. It is an important decision section for future price movements.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 58.7, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr