By
Steve Muchoki
April 19th, 2024
Bitcoin is making strong moves to all-time high levels as the ProShares Bitcoin ETF becomes the fastest ETF fund to hit $1 trillion in assets.
On Wednesday, October 19, the world’s largest cryptocurrency Bitcoin (BTC) hitting a new all-time high of $67,016: the world’s largest cryptocurrency rallied significantly amid record-high interest for the ProShares Bitcoin Strategy ETF.
BTC All-time High after the First US Bitcoin ETF Launch
Besides, this Bitcoin ETF also continued to hit new milestones on the second day of trading. On Day 2, the Bitcoin futures ETF from ProShares ended with a record $1.1 billion in assets. this makes it the fastest ETF to reach $1 billion beating Gold’s (GLDs) record 18 years back in 2004. Bloomberg’s senior ETF analyst Eric Balchunas was the first one to report this news.
RECORD BREAKER: $BITO assets up to $1.1b after today, making it the fastest ETF to get to $1b (2 days) breaking $GLD’s 18yr old record (3 days), which is poetically apropos. https://t.co/yGXyfwaogD
— Eric Balchunas (@EricBalchunas) October 20, 2021
Adding further, Balchunas notes: “If $BITO keeps up this pace of inflows it won’t have any futures left to buy by the end of the month due to pos limits”.
Furthermore, the Bitcoin (BTC) price rally won’t be stopping anytime soon amid a string of Bitcoin futures ETFs coming to the market. Next in line could be the Bitcoin futures ETF coming from Valkyrie this Friday itself. Speaking to Bloomberg, one of the Valkyrie representative said:
The Valkyrie Bitcoin Strategy fund will begin trading on the Nasdaq exchange on Friday, a spokesperson for the company said. The firm planned to trade under the ticker BTFD, but changed back to the originally planned BTF.
What’s ahead for Bitcoin?
In October so far, the Bitcoin (BTC) price has appreciated by more than 50% amid the optimism of Bitcoin ETF. The bigger question is whether if Bitcoin will be able to continue and sustain this momentum? Many analysts have already given $100K price targets for Bitcoin by the end of the year. Speaking to CNBC, Jesse Proudman, CEO of crypto robo-advisor Makara said:
“The key here is whether we are able to establish support above $65,000. If we can, the classic Q4 crypto rallies we’ve seen in most years could take bitcoin towards some of the loftier price predictions we’ve seen over the past several months. If sell pressure takes over, though, our next leg up could take a while to materialize.”
Furthermore, billionaire Paul Tudor Jones also called crypto his preferred hedge against the rapidly rising inflation.
“Bitcoin would be a great hedge. Crypto would be a great hedge. There’s a plan in place for crypto and clearly it’s winning the race against gold at the moment … I would think that would also be a very good inflation hedge. It would be my preferred one over gold at the moment,” Tudor Jones said, during his CNBC interview.
One thing is sure that big money continues to flow into Bitcoin. PIMCO, a $2.2 trillion asset management firm announced that they are investing in Bitcoin and cryptocurrencies.
BREAKING: $2.2 trillion asset management firm PIMCO has confirmed that they are investing in bitcoin and cryptocurrencies.
Eventually everyone capitulates.
— Pomp 🌪 (@APompliano) October 20, 2021
Along with Bitcoin (BTC), other cryptocurrencies also registered a strong rally in the market. The overall crypto market is trading at all-time high levels of $2.65 trillion. Altcoins like Ethereum (ETH) and Solana (SOL) are registering strong gains.