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According to Bloomberg, the impending debut of Bitcoin exchange-traded funds (ETF), which will open up digital-currency investing to institutional and regular investors, is being heralded as crypto's big breakthrough on Wall Street.
Bloomberg Intelligence forecasts that, with the participation of respected heavyweights such as BlackRock, Fidelity and Invesco, the spot-Bitcoin ETF market has the potential to grow into a $100 billion juggernaut over time.
After a decade of rejecting such applications, the U.S. Securities and Exchange Commission is anticipated to approve exchange-traded funds that would purchase and sell Bitcoin by mid-January or sooner.
This anticipation has driven the latest hype cycle for Bitcoin on bets that the likes of wealth managers and financial advisers might invest a small portion of their trillion-dollar portfolios on the instrument.
Tomiwabold OlajideBitcoin's price has risen by 30% in the last month, touching yearly highs before backtracking. Many people attribute the recent price increase to the looming ETF deadlines.
According to the most recent CoinShares report, digital asset investment products had $176 million in inflows last week, continuing a streak of consecutive weekly inflows that has now lasted eight weeks, bringing year-to-date inflows to $1.32 billion.
Bitcoin saw $155 million in inflows, with the last eight weeks of inflows representing 3.4% of AuM.
As crypto sentiment continues to flourish, on-chain analytics firm IntoTheBlock reports that there is evidence of new money flowing in as well as long-term investors continuing to accumulate. Bitcoin demand from institutions, notably those in the United States, appears to have increased in the past month.
At the time of writing, BTC was up 1.99% in the last 24 hours to $37,223.
Dan Burgin
Alex Dovbnya