Bitcoin has once again surged strongly today, reaching a new high for the year. Currently, Bitcoin’s spot ETF is rapidly climbing in the commodity ETF market, surpassing the largest silver ETF, SLV. It is worth paying attention to whether Bitcoin can continue to dominate Wall Street this week.
Recent strong movements in Bitcoin’s trend can be attributed, in part, to the significant buying pressure from spot ETFs. According to HODL15Capital’s statistics, just in the past week (the 8th week since its launch), the four major ETFs, excluding Grayscale, increased their holdings by up to 52,000 BTC.
Will the future demand brought by Bitcoin’s spot ETFs continue? This is a question that investors are closely following, as it may further drive the price to break the historical high of $69,000.
Bitcoin takes over Wall Street!
As Bitcoin investors’ enthusiasm rises, a video clip from the community has also gained widespread sharing. On March 1, following Grayscale’s opening bell at the New York Stock Exchange (NYSE), a striking giant Bitcoin ETF advertisement gradually rose on the outer wall, bearing the words “Crypto investing begins here.” This also symbolizes the increasing status of cryptocurrencies in the traditional financial market.
BlackRock’s IBIT surpasses the largest silver ETF
According to the latest statistics from HODL15Capital, Bitcoin’s spot ETF is rapidly climbing in the commodity ETF market. Currently, BlackRock’s IBIT, Fidelity’s FBTC, ARK 21Shares’ ARKB, and Bitwise’s BITB are ranked third, fifth, ninth, and eleventh, respectively, in the commodity ETF rankings.
Among them, BlackRock’s IBIT stands out in this ranking. Its assets under management (AUM) have surpassed the largest silver ETF, SLV. This achievement signifies the increasing strength of Bitcoin in the traditional commodity market and its gradual challenge to the long-standing position of gold.
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