Bitcoin ETFS Soar As Crypto Market Rides Bullish Wave
Published Oct 30, 2023 01:23PM ET
In a week marked by strong gains across the cryptocurrency market, 's surge to $35,000 has been driven by regulatory shifts, technological advancements, and positive investor sentiment. This renewed interest in digital assets has seen associated entities such as Bitwise Bitcoin Strategy Optimum Roll ETF, Hashdex ETF, VanEck Bitcoin Strategy ETF, ProShares Bitcoin Strategy ETF, and Valkyrie Bitcoin Strategy ETF all record gains of over 13%.
The anticipation of U.S. approval for Bitcoin exchange-traded funds (ETFs) is fueling the cryptocurrency's price rise and attracting fresh capital into the market. The development of blockchain technology and its increasing recognition by traditional financial institutions have led to wider acceptance of cryptocurrencies. This trend is reflected in the Options market, which predicts further growth.
Crypto-linked stocks are also experiencing a boost, presenting new investment opportunities. Bitwise's ETF offers exposure to Bitcoin through regulated futures contracts and boasts a $1.3 million asset base. Hashdex's ETF provides price exposure via futures contracts with a $2.1 million asset base. VanEck's ETF invests in futures contracts and has an asset base of $57.3 million with an average of 13,000 shares traded daily.
ProShares' Bitcoin Strategy ETF is the world's largest cryptocurrency ETF with assets under management (AUM) of $1.1 billion. It primarily invests in Bitcoin futures contracts. Valkyrie's Bitcoin Strategy ETF also invests in bitcoin futures contracts and has an asset base of $31.9 million, trading an average of 185,000 shares per day.
In addition to Bitcoin's climb, other cryptocurrencies such as and InQubeta are also benefiting from the bullish crypto market wave. Dogecoin's 10% surge was spurred by potential Bitcoin spot ETF news and speculation about its integration on social media platform X. Elon Musk's influence and a cryptic meme post from X have further boosted the coin, which reached an all-time high in 2021.
InQubeta, currently in its fifth presale phase with a token price of $0.0161, is aiming for a 1,140% increase following a successful presale that raised $4 million and sold 428 million tokens. The project offers fractionated AI tech startup investments via non-fungible tokens (NFTs), a potential DeFi coin price of $0.0308, an NFT marketplace, and a rewards pool funded by a 5% transaction tax.
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Written By: Investing.com
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