Bitcoin ETFs Shake Up Crypto Market After Storming Wall Street – Bloomberg

New US spot Bitcoin exchange-traded funds are shaking up the market for the original cryptocurrency after widening demand for the token and attracting more than $7 billion of net inflows in less than two months.

The most visible change is a surge of over 45% in the price of the largest digital asset this year to about $63,000, bringing the pandemic-era record high of almost $69,000 into view. A looming reduction in Bitcoin’s supply growth, called the halving, has also stoked the rally.

The ETFs are shifting the center of gravity for Bitcoin trading toward the US, and encouraging leveraged bets that lifted the cost of bullish wagers via perpetual futures to levels last seen in 2021.

“The supply-demand imbalance here is really profound,” Coinshares Advisor Meltem Demirors said on Bloomberg Television.

Source: Bitcoin ETFs Shake Up Crypto Market After Storming Wall Street – Bloomberg