Bitcoin, the world's largest cryptocurrency, has reached a price of more than $47,000 on Monday (08/01/2024). This increase coincided with document updates by several large companies such as BlackRock and Fidelity to the United States Securities and Exchange Commission (SEC) regarding Bitcoin Exchange-Traded Funds (ETFs).
VanEck and BlackRock Lead the Way in Bitcoin ETFs
VanEck, one of the leading investment firms, has taken a big step by investing $72.5 million into their spot Bitcoin ETF , according to its amended S-1 form. In fact, VanEck has taken it a step further by committing to allocating 5% of profits from their spot Bitcoin ETF to support core Bitcoin developers at Brink, an organization that supports Bitcoin development.
Meanwhile, BlackRock is also not far behind with an initial investment of $10 million for their spot Bitcoin ETF.
Also read: Understanding Fundamental Analysis and Technical Analysis in the Crypto World
Bitwise and Pantera Capital Join in
Bitwise, another competitor in the Bitcoin ETF space, has announced an initial investment of $500,000 for their ETF.
Pantera Capital has also expressed interest with plans to invest as much as $200 million, if their ETF gets approval.
Bitcoin Price Prediction: Breaking $200,000 in Two Years?
According to Standard Chartered Bank, Bitcoin prices have the potential to exceed $200,000 by the end of 2025. This prediction is based on the hope that ETF-linked fund inflows will materialize.
Also read: Bitcoin Spot ETF Prediction by Standard Chartered Bank
Bitcoin Whales in Profit Taking Zone
A report from Lookonchain suggests that a Bitcoin whale has deposited 1,000 BTC (approximately $22.47 million) to Binance, following a surge in Bitcoin prices.
This whale has also deposited a total of 4,000 BTC to Binance over the past two weeks, indicating intense buying and selling activity.
Conclusion
Recent developments in the Bitcoin market, especially activity related to ETFs and price movements, indicate strong market dynamics and potential for further growth in the near future.
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DISCLAIMER : This article is informational in nature and is not advice, recommendation, offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time. Bittime is not responsible for changes in exchange rates or crypto asset prices.
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