BTC ETFs Being ‘Driving Force’ Driving Recent Growth and Increased Interest in Bitcoin

An analysis shared by the IntoTheBlock platform on Oct. 27 highlighted that recent spot Bitcoin ETF filings appear to be a driving force that is driving the recent growth and surge in interest in the largest cryptocurrency.

The analysis highlighted the increase in institutional interest in Bitcoin given the growth in transactions above US$100,000, reaching new records this year.

“Institutional interest in Bitcoin is clearly heating up. Transactions over $100K hit new highs in 2023. Recent spot ETF filings appear to be a driving force, as was the case following BlackRock’s ETF filing in June,” he wrote.

Institutional interest in Bitcoin is clearly heating up. Transactions over $100k have reached new 2023 highs. Recent spot ETF applications seem to be a driving force, as was the case after BlackRock’s ETF filing in June. pic.twitter.com/8dAgQ8Mfpo

— IntoTheBlock (@intotheblock) October 27, 2023

It is worth noting that Bitcoin (BTC) managed to reach a new 17-month high, on October 25, when trading at a value of US$35,116, according to data shared by the cryptocurrency analysis platform, Santiment.

In its analysis, the platform also noted that cryptocurrency market capitalizations are growing as the SP500 registers a decline, suggesting that two years of dependence on Bitcoin and altcoins in stocks is over.

Digital asset investment products saw inflows of $66 million last week, meaning inflows for the fourth week in a row, according to a new CoinShares report released recently.

As the report pointed out, the new inflows are likely linked to investor enthusiasm over the possible launch of a spot Bitcoin ETF in the US. However, when comparing the inflows after the June announcements, they are relatively low, suggesting more caution from investors now. Following Blackrock’s announcement in June, inflows in four consecutive weeks totaled $807 million.

According to the survey, Bitcoin recorded 84% of inflows, increasing accumulated inflows for the year to US$315 million. At the time of publication, the price of Bitcoin was quoted at US$33,919.44 with no increase in the last 24 hours. The largest cryptocurrency has seen growth of 14.3% in the last seven days.

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