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This week, ten spot Bitcoin exchange-traded funds (ETFs) continued their impressive performance, extending their record-breaking streak.
Surpassing their previous trading volume record set just last Wednesday, this surge coincided with Bitcoin achieving a new all-time high, followed by a subsequent price correction.
Key Players in the Spot Bitcoin ETF Market
The ten spot bitcoin ETFs leading this surge include Blackrock's Ishares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Ark 21shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Invesco Galaxy Bitcoin ETF (BTCO), Wisdomtree Bitcoin ETF (BTCW), Vaneck Bitcoin Trust ETF (HODL), Franklin Bitcoin ETF (EZBC), Valkyrie Bitcoin ETF (BRRR), and Grayscale Bitcoin Trust (GBTC).
Market analysts and cryptocurrency experts anticipate further Bitcoin price increases, driven by the high demand for spot Bitcoin ETFs and the approaching Bitcoin halving.
Notable figures in the crypto space have offered bullish predictions for Bitcoin's price trajectory this year. Bitwise's Chief Investment Officer (CIO) envisions a potential surge above $200,000, emphasizing the imbalance between demand and supply.
Bitcoin ETFs and More
Skybridge Capital's founder believes that the current market presents an opportune moment for BTC investment, while Galaxy Digital's CEO points to the substantial global demand for Bitcoin.
According to Bitcoin News, veteran trader Peter Brandt has revised his price target for the ongoing BTC bull market to $200,000, reflecting a prevailing optimistic sentiment.
The trend has persisted consistently for nearly two months following the investment vehicle's regulatory approval by the United States Securities and Exchange Commission (SEC). The products launched with remarkable momentum, recording over $10 billion in cumulative volume within a week of approval.
Since then, the offerings have sustained their momentum as enthusiasm grew. Insights from Bloomberg analysts indicate that the spot Bitcoin ETF market is still predominantly fueled by an influx of net buyers.
A Coingape report states that the record-breaking overall volume coincides with Bitcoin's surge to a new All-Time High (ATH), surpassing $69,100.
However, amidst these optimistic forecasts, JPMorgan presents a contrasting view, predicting a potential BTC price decline to $42,000 following the halving event.
Photo: Chris Liverani/Unsplash
