Why Is Bitcoin Rising?
The total trade volume hit $2.3 billion in the first ten minutes. This one-of-a-kind first listing volume will go down in history. Although ETFs with daily volumes above $2.1 billion have been observed, the power of Bitcoin is poised to propel this figure substantially higher in the next six hours. The mentioned ETFs’ current data is displayed below.
Expectedly, the most sought-after asset was BlackRock’s spot Bitcoin ETF, IBIT. Just moments ago, the value of Bitcoin surpassed $48,969 in price. Altcoins, however, are still growing by double digits. Bitcoin may hit all-time highs as this volume of data grows over the next few hours.
The enthusiasm surrounding the first day will probably fade tomorrow, and it is anticipated that during this time, BTC will achieve its local peak and give altcoins additional chance to soar. Grayscale’s GBTC and BlackRock’s IBIT were both highlighted by Yahoo Finance as hot stocks/ETFs. Eric Balchunas, a Bloomberg Intelligence analyst, stated in a statement on X;
“Although focused on Bitcoin, ETFs continue to demonstrate that they can overcome almost anything.”
Steven McClurg, co-founder and CIO of Valkyrie, stated that they anticipate receiving $200 million to $400 million in investor monies into their ETF, with an additional $4 billion to $5 billion coming in over the course of the first few weeks for all participants. According to Bitwise, the market might reach over $70 billion in five years. The market value of Bitcoin could rise by an additional $1 trillion as a result of these inflows.
In the upcoming days, investors should also be ready for significant developments, such as the release of new retirement plans and other BTC ETF-backed products. No matter how ideal the circumstances, things in the cryptocurrency world can change suddenly. Everyone’s excitement might not last long if MTGOX, Silk Road, and other FUD assets become up for sale.