- Bitcoin (BTC) surged above $34,300 with a 14.38% weekly gain and 28% in a month.
- The 2021-approved U.S. futures-based ETF, BITO, witnessed $1.7B in weekly trading volume.
Since October 24, the world’s largest cryptocurrency, Bitcoin (BTC), has ignited a bullish trend across the broader crypto market. Also, Bitcoin enthusiasts and investors have been on the edge of their seats as BTC surges above the $34,300 range, and the excitement is solid.
The surge in Bitcoin’s value is not solely attributable to individual traders, institutional investment vehicles are also making a significant impact. In fact, Bitcoin’s price experienced a noticeable upswing, briefly dipping to $33,600 but then rebounding with a bullish trend.
At the time of writing, Bitcoin is trading at $34,313. Over the past week, it has surged by 14.38%, and in the span of just a month, BTC has soared by 28%. But perhaps the most eye-catching statistic is its performance year to date, Bitcoin climbed over 107%. Such gains are nothing short, and it’s no surprise that the market is buzzing with excitement. Further, the Relative Strength Index (RSI), which currently stands at 79.78, indicates an overbought condition.
The Reason Behind the Bitcoin (BTC) Hype
What’s fueling this heightened activity in the world of Bitcoin? The anticipation of potential regulatory changes in the United States is causing the market to buzz with enthusiasm.
Bitcoin exchange-traded funds (ETFs) and other institutional investment options are witnessing significant levels of weekly inflows. Among these, the ProShares Bitcoin Strategy ETF (BITO) is making waves. BITO, the first futures-based ETF approved in the United States back in 2021, has just recorded an astonishing achievement.
Eric Balchunas, a senior ETF analyst at Bloomberg, reported that BITO managed to trade a staggering $1.7 billion in a single week. This marks its second-highest weekly trading volume since its inception.
Further, the Grayscale Bitcoin Trust (GBTC) is also reaping the benefits of this Bitcoin boom, with a trading volume of $800 million. Institutional investors seem to be flocking to Bitcoin like never before.