Bitcoin Blasts Off to $34K Amid Soaring ETF Hype!

In response to recent developments in the Bitcoin ETF arena, the price of Bitcoin (BTC) swiftly surged to $34,000.

Uptober seems to have made its grand entrance, as the price of Bitcoin surged past the $34,000 threshold for the first time since May of the previous year, reflecting an impressive 14% surge within the last 24 hours.

On October 23rd, the price of Bitcoin experienced a sudden and significant upward spike, with BTC surging by over 10%, reaching a momentary high of $34,000 before settling at the current price of $33,100, as reported by TradingView data.

The abrupt price surge in Bitcoin coincides with renewed enthusiasm surrounding the impending approvals of spot ETFs and a substantial upswing in trading activity within the spot markets.

Analyst Scott Johnson highlighted the possibility that the investment heavyweight BlackRock might initiate the process of “seeding” their spot ETF product as early as this month.

Bloomberg’s ETF analyst, Eric Balchunas, elaborated on this concept, explaining that seeding an ETF involves the provision of initial funding in exchange for ETF shares that can subsequently be traded on the open market.

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Background: Seeding an ETF is when initial funding is provided (typically) by a bank or broker dealer used to purchase a few creation units (in this case bitcoin) in exchange for ETF shares which can be traded in open market on Day One.

— Eric Balchunas (@EricBalchunas) October 23, 2023

Crypto market observers and members of the community found themselves bewildered by the unexpected upward surge. Even independent journalists at Autism Capital, with 237,000 followers, posed the question, “What on earth just transpired?”

Wait, what the heck just happened? pic.twitter.com/JFX0pr9fFI

— Autism Capital 🧩 (@AutismCapital) October 23, 2023