Exchange-traded funds (ETFs) have emerged as a significant topic, particularly concerning their potential to fuel the Bitcoin (BTC) price to surpass its previous all-time high (ATH) of nearly $70,000.

Furthermore, BTC proponents are optimistic that the upcoming halving event scheduled for April 2024 will provide a further boost to the world’s flagship cryptocurrency.

Bitcoin’s bullish momentum

Bitcoin (BTC) hit its highest price since 2021 and neared its record peak of $69,000 achieved in November 2021, before undergoing a significant correction. The price remains comfortably above the $62,000 price region at press time. 

Bitcoin’s strong bullish momentum has been mainly credited to significant fund inflows into the global cryptocurrency market, driven by the long-awaited approval of spot exchange-traded funds (ETFs) for the orange coin in the United States.

These ETF approvals have attracted billions of dollars in institutional investments, contributing to Bitcoin’s strong upward momentum.

Despite subsequent volatility, Bitcoin’s resilience and growing institutional interest have fueled optimism among investors.

Out of the 11 spot Bitcoin ETFs approved by the Gary Gensler-led Securities and Exchange Commission (SEC) in January, 10 are actively trading and attracting significant inflows.

According to K33 data research, the nine newly approved spot Bitcoin exchange-traded funds (ETFs) in the U.S. now collectively manage more than 300,000 Bitcoin (BTC), valued at over $17 billion at the time the data was collected. This figure represents a new high for these funds, as it accounts for approximately 1.5% of the total 19.6 million BTC currently in circulation.

The latest data from the GBTC website reveals that Grayscale holds approximately 445,386.8454 BTC, valued at around $27.61 billion at press time. When considering the

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Author: Ogwu Osaemezu Emmanuel

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