Bitcoin’s price grew by around 10% during the last seven days, marking its strongest weekly performance since June. Market observers have attributed this positive price movement to speculation surrounding a potential spot Bitcoin exchange-traded fund (ETF).

Over the past week, the top cryptocurrency’s price touched the $30,000 mark on several occasions as the market positively reacted to the ETF approval rumors. BTC was trading for $29,688 as of press time, according to BeInCrypto data.

BTC Strongest Weekly Return in 17 Weeks

Data from Coinglass indicates that the recent upturn in the top digital asset performance marks the most significant gain since the 25th week of the year, back in June.

During that period, BTC’s value surged by over 15%, only to be followed by 16 weeks of relatively muted performance.

Notably, this particular week aligns with the period when various asset management firms, including BlackRock, commenced their application for spot Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC).

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Author: Oluwapelumi Adejumo

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