Bitcoin Price Hits Highest Level in One Year Amid ETF Hype

Bitcoin’s price has catapulted to a one-year high of $31,431 on the Bitstamp exchange earlier today. The spike was propelled by a growing wave of enthusiasm surrounding a flurry of exchange-traded fund (ETF) filings. 

Adding to the optimism, the 2x Bitcoin ETF of Volatility Shares has been announced as effective and is scheduled to launch on Tuesday.

This move is being interpreted as a potential sign of the SEC easing its previously adversarial stance towards Bitcoin, a sentiment echoed by industry analysts. Following the successful launch of BITO, the BITX announcement provides further evidence of a changing regulatory climate.

Adding an intriguing twist to the unfolding narrative, Direxion and ProShares, each with their 2X Bitcoin futures applications, unexpectedly withdrew their filings on June 1 and June 7, respectively.

Industry observers are left pondering whether these companies were doubtful of receiving approval or simply unwilling to play second fiddle in the market following the launch of Volatility Shares. 

As reported by U.Today, major asset management players, BlackRock and Invesco, have entered the Bitcoin ETF arena, hinting at growing mainstream acceptance.

BlackRock, the world’s largest asset manager, has recently filed for a Bitcoin ETF aimed at providing exposure to the cryptocurrency. This move marks BlackRock’s continued interest in the flagship cryptocurrency, but the odds of the SEC approving a spot ETF remain slim.  

Not to be left behind, ETF giant Invesco has reapplied for a spot Bitcoin ETF in collaboration with Galaxy Digital. Invesco’s decision to reapply, initially made in fall 2021, follows BlackRock’s application.