Bitcoin is hovering comfortably over $30.1K, continuing its momentum from Tuesday. Investors have taken confidence from multiple, spot BTC ETF filings, most notably from asset management giant BlackRock. JPRubin23 writes
After weeks of gloom, bitcoin surged for a second consecutive day as investors drew confidence from spot BTC ETF applications by BlackRock and other large asset management firms.
Bitcoin began rising Tuesday after the long, U.S. Juneteenth holiday weekend as markets more fully digested the impact of the BlackRock filing. Later in the day, spot bitcoin re-filings by Invesco and WisdomTree brightened the mood further, offering the latest evidence of institutional investors' growing interest in the crypto space even as markets have struggled amid an uncertain regulatory environment, pesky inflation and other macroeconomic woes.
"These players, among other big names, are obviously going to add a lot of liquidity to the market and make investors more confident to buy bitcoin again," Neelakanti wrote."And big institutions partnering with crypto are going to continue to be a catalyst for bitcoin for the foreseeable future, even as the U.S. regulatory situation continues to cause some hardship for the industry.
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