Investors remain unimpressed with Bitcoin’s price, as the buzz around the spot BTC Exchange-Traded Fund (ETF) fails to translate into significant gains.
As the spot Bitcoin ETF products go live for trading, the price of the digital currency has maintained a massive volatility that has capped it at $46,307.38, up by 0.93% in the past 24 hours. With the coin’s outlook, Bitcoin has managed to grow to a 24-hour high of $48,969.37.
The expectation of many market makers is being dashed as BTC price was tipped to record a parabolic jump as new cash inflows enter the industry.
Despite the slow pace, Bitcoin price shows some interesting stats, with a series of lower lows recorded in the past 24 hours. In early trading hours, Bitcoin soared from a low of $45,305 to a high of $47,647.77 before falling back to $45,721.50. Bitcoin price eventually recovered from this lower low as it soared to the daily high of $48,969.37 which coincided with the launch of spot Bitcoin ETF on exchanges.
There have been interesting stats from the ETF market thus far with BlackRock’s IBTC having crossed the $1 billion trading volume benchmark. According to current estimation, it is on track to beat the opening volume of ProShares Bitcoin Futures ETF when the later product went live in 2021.
Though the hype in the Bitcoin ETF terrain is not translating to price overall, the digital currency is in a good place as it is up by 8.68% in the Year-to-Date (YTD) period.
The most fundamental bottleneck holding back the price of BTC is presumably the launch of spot Bitcoin ETF and now that this is settled, the next fundamental serves as a key catalyst to watch.
This fundamental hinges on the Bitcoin halving event that is slated to come in the second quarter. As a network event, this Bitcoin halving will mark the first that will be recorded in Bitcoin after the approval of the spot ETF.
As projected by experts, this event will complement the institutional inflow into the industry and might fuel a massive resurgence in the price of Bitcoin as halving is historically known to do.
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