Hello and welcome to this week's edition of Overbit News.

We start off today by looking at the world's second-largest crypto-asset - Ethereum. Many eyes have been on Bitcoin and other chains lately, mainly due to the insane gas spikes Ethereum has undergone.

However, it seems now everyone took their eyes away from the blue-chip asset: on Monday, 8 November, ETHUSD jumped more than 4% in only 24 hours, reaching a new all-time high just above the $4,700 mark.

Bitcoin rose 7% to $66,250, edging closer to a record high of $66,900 established in late October. This last all-time high for BTC quickly followed the listing of the first US Bitcoin futures exchange-traded fund. A $70,000 price for Bitcoin now "seems imminent," according to Mikkel Morch, managing director of crypto hedge firm ARK36.

The advances in the top two cryptocurrencies didn't fan out there, either. These moves sparked a market-wide surge, pushing the whole cryptocurrency market cap above $3 trillion for the first time.

Interestingly, this early-November rally is that, unlike previous uptrends, BTCUSD is not moving upward at the expense of the altcoin market. This time around, the majority of the top-100 and even top-200 are moving upwards in unison.

This correlation may suggest that the liquidity pool of crypto has grown tremendously over the past few years. No longer does it take all the money in the crypto market to move a single given asset. Considering how volatile crypto has been in its short history, it will be interesting to see how this heightened liquidity affects both bull & bear cycles in the future.

Closing out this week's edition, we take a look at the latest company to throw its hat into the Bitcoin ETF arena.

According to CoinTelegraph, the cryptocurrency lending company BlockFi has filed papers with the Securities and Exchange Commission (SEC) to launch a physically-backed Bitcoin exchange-traded fund. The SEC now has a list of pending Bitcoin and Crypto ETF filings, making this a very busy year-end for both parties.

Official documents report the SEC received the BlockFi NB Bitcoin ETF's Form S-1 filing on Monday. According to the filing, BlockFi will serve as the ETF's custodian, and the ETF's investing aim is to mirror Bitcoin's underlying performance rather than any futures or derivatives benchmark.

The SEC approved Valkyrie's Bitcoin Strategy ETF, which is a futures-based product, shortly after the ProShares fund was approved. This would make BlockFi the first physical or spot ETF available in the United States.

These Bitcoin ETF products seem to be off to a good start. Reports show that institutional investors had purchased more than $2 billion worth of Bitcoin products by the end of October, owing mainly to the ETF approvals.

Interestingly, the ETF space has been dominated by uncertainties, delays, and flat-out rejections for the majority of crypto's lifetime. The Winklevoss Twins tried to launch the first ETF product almost a decade ago with no luck.

However, it seems now the US government is much keener on squaring these financial matters away decisively. According to James Seyffart of Bloomberg, "It will be either approval or denial from SEC," he said, which means "no more delays.".

That's all for this week's edition of Overbit News. Thanks so much for reading, and take care until next time!

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