Bitcoin Surges Above $47,000 as ETF Issuers Update Paperwork
The price of Bitcoin reached over $47,000 on Monday thanks to updates from issuers like BlackRock and Fidelity, who submitted amended paperwork to the SEC for spot Bitcoin Exchange-Traded Funds (ETFs).
VanEck Seeds its Bitcoin ETF With $72.5 Million
VanEck, a leading investment firm, has taken a significant step towards launching a spot Bitcoin ETF by seeding it with an initial investment of $72.5 million. The details were disclosed in VanEck’s amended S-1 form.
Bitwise, another contender in the race for a spot Bitcoin ETF, revealed that it has seeded its proposed ETF with $500,000. Pantera Capital has also expressed interest in contributing $200 million if approved, although this interest is non-binding.
BlackRock has entered the competition as well by seeding its potential spot Bitcoin ETF with an initial investment of $10 million.
Earlier this week, VanEck committed to donating 5% of the prospective profits from its spot Bitcoin ETF to support Bitcoin core developers at Brink and made an initial donation of $10,000.
Bitcoin Price Could Reach $200,000 in Two Years
Standard Chartered Bank predicts that the price of Bitcoin could surpass $200,000 by the end of 2025 if anticipated inflows related to ETFs materialize. The head of financial research at Standard Chartered Bank believes this projection aligns with their earlier estimations of reaching $100,000 by the conclusion of 2024.
Bitcoin Whales Take Profits Amid Surge
A strategic whale recently deposited their 1,000 BTC (worth $22.47 million) into Binance following Bitcoin’s surge above $45,000. This whale has been actively depositing a total of 4,000 BTC (equivalent to $178.7 million) into Binance over the past two weeks, executing sales at favorable high prices on each occasion.
Hot Take: Bitcoin Continues to Gain Momentum as ETF Race Heats Up
Bitcoin’s price surge above $47,000 demonstrates the growing excitement surrounding spot Bitcoin ETFs. With major players like VanEck, Bitwise, and BlackRock making significant investments in their potential ETFs, the race to launch the first spot Bitcoin ETF is intensifying.
Furthermore, Standard Chartered Bank’s optimistic price prediction of $200,000 by 2025 adds to the bullish sentiment in the market. As regulatory decisions on Bitcoin spot ETF applications loom, it will be interesting to see how these developments shape the future of cryptocurrency investments.
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