The price of Bitcoin yesterday was around $30,500. However, Bitcoin rose 15% last week, rising above $30,000 for the first time since April, marking its best week since March, thanks in large part to BlackRock filing with the U.S. Securities and Exchange Commission to launch a spot Bitcoin ETF.
Cryptocurrency investment products recorded their biggest weekly inflows since July 2022, according to European digital asset management company CoinShares' weekly fund report.
If a Bitcoin ETF is approved by the world's largest asset manager, the market could attract investors who are reluctant to buy the high-risk cryptocurrency directly.
The crypto industry took BlackRock's bid as a sign that Wall Street is returning to Bitcoin. Several other companies have also filed applications with the SEC for spot Bitcoin ETFs.
However, economic stress could dampen hopes for a sustained rally in the asset. Bitcoin's gains slowed towards the end of the week, with it trading at $30,405 on Monday.
However, a spot Bitcoin ETF could restore investor confidence in their ability to move US dollars in and out of the cryptocurrency following the collapse of crypto lenders Signature, Silvergate and Silicon Valley Bank in the United States earlier this year.
The positive news is that according to CoinShares, total inflows into cryptocurrency investment products have reached $199 million. Total assets under management for crypto investment products also hit a yearly high, topping $37 billion and reversing losses since Three Arrows Capital rocked the cryptocurrency market with its bankruptcy in July 2022.
In particular, the ProShares ETF (BITO) saw the largest inflows into the US at $60.4 million. BITO tracks the price of Bitcoin by investing in CME Bitcoin futures. Last week's influx brings the fund's total assets under management to more than $1 billion.
What will the price of Bitcoin be in the near future?
In general, the cryptocurrency market is still in the stage of consolidation. Most likely, the Bitcoin rate will be between $30,000 and $31,000. The Bitcoin forecast is as follows: the price of Bitcoin will be between $29,900 and $30,900 in the short term. Crypto market volatility will be weak.#Bitcoin #BTC