The crypto leader has largely shuttled between $56 000 and $63 000 so far in the second half of the year, a contrast to the first six months when it jumped 45%, propelled by the launch of United States (US) exchange-traded funds (ETFs) tracking its spot price.

Market players are now eyeing possible new crypto catalysts heading into year-end and early 2025, beyond broader market-moving events such as shifts in US interest rates and the American Presidential election.

Jake Ostrovskis, Trader at UK-based crypto firm Wintermute, is anticipating the upcoming launch of options on BlackRock's spot bitcoin ETF, a new product he believes could attract more US retail money after its approval by the Securities and Exchange Commission last month.

Because regulators view bitcoin as a commodity, though, such options may also need the green light from the Commodity Futures Trading Commission, which oversees commodity derivatives, said Youwei Yang, chief economist at BIT Mining.

--Reuters--