Key Points:
A Bitcoin rally driven by optimism surrounding exchange-traded funds (ETFs) may continue to gain momentum, following historical patterns. In the past week, the largest digital asset experienced a significant 9.5% surge, the largest weekly gain since June. Traders are betting on the potential approval of the first US ETFs that directly invest in Bitcoin in the coming weeks.
Historical data compiled by Bloomberg indicates that weekly gains of this magnitude have often preceded an average 10% climb in Bitcoin over the subsequent month. As of this writing, Bitcoin is trading at $30,518 after reaching $30,985 on the same day, CoinMarketCap data shows.
Leading asset managers such as BlackRock Inc. and Fidelity Investments are among several firms competing to offer a spot Bitcoin ETF in the US. Many believe that these ETFs will attract new inflows into the cryptocurrency market, as institutional players are likely to be drawn in.
Analysts speculate that a Bitcoin ETF approval by the end of the year seems increasingly likely, and it is expected to have medium-term positive effects on the token, as it brings more institutional participation into the space. Federal Reserve speakers’ recent shift in tone, with comments indicating reduced need for another interest-rate hike, is also providing support for Bitcoin.
Bitcoin has outperformed other digital assets this year, with an 87% rebound, surpassing the 44% gain of the top 100 tokens. It currently accounts for nearly 50% of the $1.2 trillion digital-asset market, regaining the dominance it held in 2021.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…
The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…
UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…
a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…
Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…
Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…
This website uses cookies.