Bitcoin Price Surges Above $70K Amid ETF Speculation

Bitcoin, the world’s largest cryptocurrency, has surged past the $70,000 mark, driven by increased interest in spot Bitcoin exchange-traded funds (ETFs). This milestone represents a significant recovery from its 2024 low of $38,500, which it hit in January.

Key Drivers Behind the Surge

  • Spot Bitcoin ETFs: The approval and launch of spot Bitcoin ETFs have been pivotal in attracting new investors and reigniting excitement around the cryptocurrency. This has reversed the price collapse experienced during the "crypto winter" of 2022.
  • Market Confidence: Analysts, including Matteo Greco from Fineqia International, have highlighted the increasing investor interest and inflows into Bitcoin spot ETFs as a key driver of the recent price surge. This renewed confidence is evident in the massive 24-hour trading volume of $52.4 billion.
  • Venture Capital Investment: Venture capital investment in cryptocurrency companies is also on the rise after nearly two years of cooling. For instance, Block, the owner of Cash App and Square, revealed that its $200 million investment in Bitcoin had grown by around 160%, standing at $573 million by the end of the quarter.
  • Bitcoin Halving: The latest Bitcoin "halving" event in April, which cuts the amount of available coins to be mined in half, has created more scarcity of the popular cryptocurrency. Historically, Bitcoin’s price has surged significantly following halving events.

Market Reactions and Future Outlook

  • Price Milestones: Bitcoin’s price topped an all-time record of $73,000 in March, following the SEC’s approval of Bitcoin ETFs earlier this year. The cryptocurrency closed last week at approximately $66,300, reflecting a 7.8% climb from the prior week’s close.
  • ETF Inflows: After five weeks of low demand, resulting in about $1 billion in cumulative net outflows, the recent rebound near $60,000 has reignited interest. Farside Investors reported about $950 million in inflows last week, a level not seen since March.
  • Ethereum ETFs: Attention is now shifting to spot Ethereum (ETH) ETFs, with the SEC set to make a decision on VanEck and ARK 21Shares’ filings soon. Market participants expect the SEC to withhold approval for these products, despite approving BTC ETFs in January.

Analyst Insights

Matteo Greco from Fineqia International noted that the resurgence in spot Bitcoin ETF inflows and Bitcoin’s price recovery could shift attention to spot Ethereum ETFs. However, concerns over the liquidity of ETH’s spot and futures markets, along with its previous classification as a security by the SEC, contribute to skepticism about swift approval.


The recent surge in Bitcoin’s price above $70,000 is a testament to the growing confidence in the cryptocurrency market, driven by the approval of spot Bitcoin ETFs and increased venture capital investment. As the market continues to evolve, all eyes are now on the potential approval of spot Ethereum ETFs, which could further shape the future of the cryptocurrency landscape.


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