Bitcoin ETF Hits ATH With The Institutional Demand Rising

Bitcoin ETF hits an all-time high holding 36,000 coins with the institutional demand rising as we can see more in today’s latest Bitcoin news.

The biggest Canadian Bitcoin ETF is hitting back-to-back ATH with respect to the holdings as inflows intensified. According to the data from blockchain intelligence platform Glassnode, analyst Jan Wustenfeld revealed that Purpose Bitcoin ETF hits an all-time high with 36K BTC which marks a 24% increase in holdings YTD. The exchange-traded fund concluded with assets under management at 34.07K BTC last week and added another 2K BTC this week.

mid-23…

How late do you want to be to the spot #Bitcoin ETF game?

US: Yes! https://t.co/RZWs9tfiHn pic.twitter.com/rNPW57V7By

— Jan Wüstenfeld 🇺🇦 (@JanWues) March 25, 2022

The latest news came at a time when Bitcoin’s price was improving despite the persistent geopolitical tensions. In the past week, the biggest crypto was up by more than 11% and hit $45,000 earlier today. Purpose BTC ETF is the first spot-driven ETF in North America but also in the world. The investment vehicle holds actual BTC rather than futures contracts and was launched by Purpose Investments under the ticker BTCC back in 2021. A month after it went live, the ETF raked in $1 billion of assets under management and became one of the fastest-growing ETFs.

Despite giving the nod to some investment vehicles connected to BTC futures last year, the US SEC denied the listing of a spot BTC ETF so far. Bloomberg Intelligence analysts James Seyffart and Eric Balchunas think that this could change. The duo wrote that a proposed rule amendment to change the definition of exchange by the regulator can lead to a spot BTC ETF receiving a green light in mid-2023. apart from the physically-settled Bitcoin ETF, ProShares’ BTC Strategy ETF grew to a new high of 28K BTC after a week of inflows. Arcane research reports show:

“Strong inflows into futures-ETFs may have spill-over effects on Bitcoin’s price as market makers chase for delta-neutrality, leading them to accumulate more in the spot market to offset any possible net short exposure.”

New note out on why we think spot bitcoin ETFs will get approved in early Summer 2023. The SEC is proposing to expand the definition of "exchange" which would bring crypto platforms under SEC reg. After that (which could take a year) look for ETFs to get green light via @JSeyff pic.twitter.com/TtFgFXrJ8h

— Eric Balchunas (@EricBalchunas) March 24, 2022

The analytic company noted that the inflows to BITO showed that appetite for the biggest crypto via traditional investment vehicles is on the rise.

As recently reported, SEC might approve BTC ETFs in 2023 according to Bloomberg analysts because of a proposed rule change with the US SEC that can change the entire thing. The rule change with the US SEC could be the main catalyst for the regulatory body to approve a spot BTC ETF in mid-2023.