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Bitcoin, the largest cryptocurrency by market capitalization, briefly reached a high of $69,000, but has since fallen.
In Friday's trading session, the largest cryptocurrency reached a high of $69,000, its highest price since July 29, when Bitcoin last traded at $70,000.
At the time of writing, BTC was up 0.17% in the past 24 hours to $68,277 and up 9% for the week.
Bitcoin (BTC)’s continued price recovery, as seen by a notable increase in inflows, has led global investors to seek exposure to exchange-traded products (ETPs) related to major cryptocurrencies. It may have become.
U.S.-listed spot ETFs have been especially popular, attracting $2 billion in investor funds in the just-ended week, according to Arcam Intelligence.
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In a major milestone, on October 18, the U.S. Securities and Exchange Commission (SEC) announced the filing of a long-awaited option listing for spot Bitcoin exchanges from the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE). approved. – Traded Funds (ETFs).
$2 billion added to Bitcoin ETF
Arkham Intelligence reported in a tweet that the BTC exchange-traded fund (ETF) purchased $2 billion worth of Bitcoin in the week that just ended.
This is the biggest ETF week since March and signals a resurgence of interest and confidence in Bitcoin among institutional investors. Bitcoin ETFs were first approved in the US in January.
Companies that contributed most to this large influx include BlackRock, Fidelity, ARK Invest, and Bitwise.
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BlackRock led a push to acquire Bitcoin, adding a staggering $1.14 billion to its holdings. Other major players in the ETF space also stepped up their Bitcoin acquisitions. Fidelity increased its holdings by $319 million. ARK Invest added $306 million and Bitwise increased its Bitcoin portfolio by $150 million.
Bitcoin reached an all-time high of $73,797 in March after weeks of soaring on the back of optimistic demand for Bitcoin ETFs. Prices then fell more than 30% by early August, after which the current bull market began.
