Bitcoin surged again 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 noting whether Bitcoin can continue to dominate Wall Street this week.
In recent times, one of the reasons for Bitcoin’s strong upward trend is the significant buying pressure from spot ETFs. According to HODL15Capital, in just 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 spot ETFs continue? Investors are eagerly watching to see if it can push the price to break the historical high of $69,000.
Bitcoin Conquers Wall Street!
As Bitcoin investors’ enthusiasm rises, a video clip has recently gained widespread sharing within the community.
On March 1st, following the ringing of the opening bell by Grayscale, a striking giant Bitcoin ETF advertisement gradually rose on the exterior wall of the New York Stock Exchange (NYSE). It read, “Crypto investing begins here,” symbolizing the increasing status of cryptocurrency in the traditional financial market.
BlackRock IBIT Surpasses the Largest Silver ETF
Furthermore, according to the latest statistics from HODL15Capital, Bitcoin’s spot ETF is rapidly climbing in the commodity ETF market. Currently, BlackRock IBIT, Fidelity FBTC, ARK 21Shares ARKB, and Bitwise BITB rank third, fifth, ninth, and eleventh in the commodity ETF rankings, respectively.
Among them, BlackRock IBIT’s performance in this ranking is particularly eye-catching. The fund’s assets under management (AUM) have surpassed the largest silver ETF, SLV. This achievement signifies Bitcoin’s increasing position in the traditional commodity market and its gradual challenge to the long-standing status of gold.
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