(MENAFN- B2Press) Discussions around the spot bitcoin exchange-traded fund (ETF) heated up in the last days of October, benefiting not altcoins but Bitcoin. Approximately 84% of new crypto investments were made in Bitcoin.
TURKEY - The week of October 23 started quickly for cryptocurrencies. Rising expectations that the U.S. Securities and Exchange Commission (SEC) would approve Bitcoin-based exchange-traded fund (ETF) applications from mid-October brought a new surge as the end of October approached. On October 24, Bitcoin tested its highest level in 18 months, reaching $35,000. Kafkas Sönmez, Global Growth Director of the global cryptocurrency exchange Gate, evaluated the latest developments in the cryptocurrency markets.
$66 million inflow into crypto in a week The weekly market report published by the digital asset investment strategies company CoinShares indicates an increase in managed assets and a weekly entry of $66 million into the crypto markets. The report notes that Bitcoin ETF developments have elevated investments in digital currencies for the fourth consecutive week.
84% of crypto investments were directed towards Bitcoin Kafkas Sönmez, stating that Bitcoin has taken a leading role in the new asset flows towards the cryptocurrency markets, said, "According to the report, Bitcoin showed significant growth, with approximately 83.7% asset inflow compared to previous weeks. Of the $66 million, $55 million flowed into Bitcoin. When we look at the historical perspective of Bitcoin's price, we can say that the cryptocurrency has doubled since reaching its bottom at the end of 2022 and the beginning of 2023. Especially, the legal victories of Grayscale and Ripple that we witnessed in recent weeks had a significant impact on these developments.”
It had tested above $30,000 twice last week Kafkas Sönmez, stating that signals of the rise in Bitcoin began to be seen in recent weeks, said, "In the previous week, Bitcoin tested above $30,000 twice within the same week. Moreover, Jerome Powell, the Chairman of the U.S. Federal Reserve, highlighted in his speech at the New York Economic Club that inflation is still running very high and signalled the possibility of new interest rate hikes in the coming period. Although this situation caused minor pullbacks in U.S. stocks, Bitcoin experienced one of its most resilient months in October. This resilience is also reflected in other cryptocurrencies; for instance, there was a net inflow of $15.5 million into Solana in the past 4 weeks.”
"The market is pricing in the Bitcoin ETF” Gate Global Growth Director Kafkas Sönmez, emphasizing that the institutional interest in crypto has led financial authorities to be more open-minded about digital assets, concluded his assessments with the following statement: "Those interested in the cryptocurrency markets are closely monitoring the latest developments and reacting very quickly. We see that the market is pricing in Bitcoin ETF from the recent surge, believed to be associated with Bitcoin ETF. A wider audience understands the potential growth of digital currencies, and the positive responses shown by the market to this flexibility are becoming concrete in the figures. As Gate Turkey, offering secure transactions 24/7 for over 1,400 cryptocurrencies, we continue to monitor the market in real-time and introduce investors of all levels to the possibilities of crypto and Web3."
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