As investors celebrate BlackRock and other spot BTC ETF filings, bitcoin continues to hold over $30k

Despite “a crisis of confidence,” an eToro analyst sees recent registrations for spot bitcoin ETFs by major institutional investors as a positive development for the cryptocurrency market.

BlackRock and other prominent asset managers have applied to include spot BTC in exchange-traded funds, giving investors hope that the cryptocurrency’s recent slump is over.

Over the previous 24 hours, the leading cryptocurrency by market size has gained about 5%, trading at around $30,140. In April, Bitcoin (BTC) finally surpassed $30,000.

As markets recovered from the lengthy Juneteenth holiday weekend in the United States, Bitcoin prices rose again on Tuesday. Even though markets have struggled due to uncertainty in the regulatory environment, persistent inflation, and other macroeconomic woes, the mood brightened later in the day when Invesco and WisdomTree re-filed for spot bitcoin.

Invesco and Galaxy Digital, a digital asset manager with $1.4 trillion under management, have applied. WisdomTree’s initial application for a spot bitcoin ETF was denied by the SEC in 2022.

Neelakanti predicted that these and other significant participants would increase market liquidity and encourage investors to purchase Bitcoin again.

Ether had a similarly positive Wednesday, adding to its recent success. Recently, the market value of the second biggest cryptocurrency was trading over $1,900 for the first time in three weeks, up over 6% from Tuesday at the same time. More than five percent of value has been added to the cryptocurrency markets lately, as measured by the CoinDesk Market Index.

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