BlackRock's Bitcoin ETF Flashes Golden Cross as SEC Approves Triple-Leveraged Products

BlackRock's iShares Bitcoin Trust ETF has flashed a golden cross, a bullish signal for traders. This occurred as the SEC approved a rule change allowing six triple-leveraged Bitcoin and Ethereum products to be listed on the Cboe BZX Exchange.

The golden cross occurs when the 50-day simple moving average (SMA) crosses above the 200-day SMA. In the case of BlackRock's ETF, the 50-day SMA was 41.97, only slightly higher than the 200-day average of 41.92.

The approval of the triple-leveraged products, which seek three times the daily return of their benchmark, may broaden the selection of Bitcoin products available to investors. The products include Bitcoin, Ethereum, gold, silver, crude oil, and natural gas.

However, trading in any of the funds cannot begin until the fund's registration becomes effective, and no trading date will be set.

BlackRock's iShares Bitcoin Trust ETF saw significant inflows in October, with $195.57 million flowing into the fund on October 1. This exceeded the group's net inflow of $102.67 million for the day.

Bitcoin's price was trading around $84,800, down over 0.2% in the last 24 hours. Retail sentiment around Bitcoin on Stocktwits dropped to 'bearish' from the 'neutral' zone, as chatter rose to 'normal' from 'low' levels over the past day.