Bitcoin, the kingdom of cryptocurrencies, continues to struggle to rise above $49,000 at the time of writing and is determined to do so. You also have a great price that will fuel that optimism for the next six hours. Institutions and lenders are buying spot Bitcoin ETFs like crazy.
Why Is Bitcoin Rising?
Cumulative transaction volume exceeded $2.3 billion in the first 10 minutes. This unprecedented number of new listings will make history. We have already seen ETFs with daily volumes of over $2.1 billion, but it looks like Bitcoin’s magic will improve even more in 6 hours. You can see current data for the ETFs listed below.
As expected, BlackRock’s spot Bitcoin ETF, IBIT, was the most popular asset. Bitcoin price crossed $48,969 a few minutes ago. Double-digit growth continues in altcoins. If these volume data increases in the coming hours, BTC may reach new highs.
The excitement of the first day will likely fade tomorrow, during which time BTC is expected to reach a local top, giving the altcoin even more room to rise. Yahoo Finance listed both BlackRock’s IBIT and Grayscale’s GBTC as trending stocks/ETFs. Eric Balciunas, a Bloomberg Intelligence analyst, wrote in an article about X:
“While the focus has been on Bitcoin, the big takeaway is that ETFs continue to show that they can handle just about anything.”
Valkyrie co-founder and CIO Steven McClurg said he expects between $200 million and $400 million of investor money to flow into Valkyrie’s ETFs, with $4 billion to $5 billion likely to flow in the first few weeks. Bitwise said the market could exceed $70 billion within five years. With these figures, this entry could add another $1 trillion to BTC’s market value.
Investors should also be prepared for big news such as new BTC ETF-backed retirement fund products that will be released in the coming days. However, no matter how good the situation is, things can quickly turn upside down for cryptocurrencies. Everyone may be disappointed in the short term when MTGOX, Silk Road and other FUD assets go on sale.
