In June, the price of Bitcoin soared, registering new 2023 annual highs at nearly $31,500. While the main boost appears to have come from ETF, there were actually other triggers or favoring factors as well.
That’s what emerges from CCData’s latest Digital Asset Management Review, released yesterday.
ETF on Bitcoin
Despite the fact that there have been ETFs on Bitcoin for some time, two pieces of news in this regard have moved the price of BTC upward.
The first is the SEC’s approval of the first leveraged ETF on Bitcoin in the US. This is an ETF based on futures contracts on the price of BTC, but with a target return of 2x.
To date, the SEC has already approved several Bitcoin futures-based ETFs for the US market, but until now it has not approved any leveraged ones.
It has also not yet approved any on spot Bitcoin, that is, collateralized directly in BTC.
In this regard, news of BlackRock’s attempt to get one approved has caused a stir, since dozens of attempts to
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