As a seasoned crypto investor with a decade of experience under my belt, I have witnessed the ebb and flow of the digital currency market. The recent surge in Bitcoin’s price has been nothing short of exhilarating, especially considering its brief retreat from $69,000 to the current level. However, it is not the first time we’ve seen such a trend – a rollercoaster ride that’s both thrilling and nerve-wracking.
Initially, Bitcoin, the leading digital currency based on market value, momentarily surged to approximately $69,000, but then it dipped again.
On the trading day that fell on Friday, the most significant cryptocurrency peaked at a price of $69,000, marking its highest point since July 29, at which time Bitcoin was last transacted for $70,000.
At the time of writing, BTC was up 0.17% in the last 24 hours to $68,277 and up 9% weekly.
The resurgence of Bitcoin’s (BTC) price could be encouraging worldwide investors to explore investment opportunities related to this dominant cryptocurrency, as suggested by a significant rise in investments flowing into exchange-traded products (ETPs) connected to it.
Over the past week, I’ve noticed a significant influx of interest in U.S.-listed spot Exchange-Traded Funds (ETFs), with a staggering $2 billion being poured in by investors, as per data from Arkham Intelligence.
On October 18, a significant step was taken as the U.S. Securities and Exchange Commission (SEC) approved requests from the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE) to introduce Bitcoin spot exchange-traded funds (ETFs) that investors have been eagerly anticipating.
$2 billion added to Bitcoin ETFs
Last week, Arkham Intelligence tweeted that Bitcoin exchange-traded funds (ETFs) bought approximately $2 billion of Bitcoin.
This past week saw the largest exchange-traded fund (ETF) activity since March.
— Arkham (@ArkhamIntel) October 19, 2024
This week has seen the biggest surge in Bitcoin ETFs since March, suggesting that institutional investors are showing renewed interest and faith in Bitcoin. The approval of Bitcoin ETFs in the U.S. was first granted back in January.
The top contributors to this large inflow include BlackRock, Fidelity, ARK Invest and Bitwise.
Leading the charge, BlackRock significantly increased its Bitcoin ownership to a massive $1.14 billion. Notably, other influential figures in the ETF sector also amplified their Bitcoin investments: Fidelity augmented its holdings by $319 million; ARK Invest followed suit with an additional $306 million, while Bitwise expanded its Bitcoin portfolio by $150 million.
In March, Bitcoin hit a record peak of $73,797 following several weeks of escalation due to growing enthusiasm about potential Bitcoin Exchange-Traded Funds (ETFs). However, the price subsequently dropped by over 30% by early August, initiating its current upward trend.
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2024-10-20 17:58