Bitcoin price rockets to $35K as ETF excitement grows

The sudden uptick in price for Bitcoin comes amid a fresh wave of interest in upcoming spot exchange-traded fund (ETF) approvals and a significant increase in overall trading volumes across spot markets.

The surge also came amid developments relating to BlackRock’s proposed spot Bitcoin ETF.

On Oct. 23, an Twitter post from analyst Scott Johnson pointed to two new pieces of information that could hint that a spot Bitcoin ETF approval is getting closer for the investment giant.

Johnson pointed out that BlackRock had secured a specific “CUSIP” license and may soon begin the process of “seeding” its spot ETF product with cash as early as this month.

In response to the post, senior Bloomberg ETF analyst Eric Balchunas noted that seeding an ETF is “typically not a lot of money” and would be just enough to get an ETF going; however, he admitted that it is overall a good sign and marks “another step in the process of launching.”

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Oct-24-2023 07:34:22 AM