In what may seem like a pat on the shoulder to investors who are bullish on Bitcoin, the world’s leading cryptocurrency has stunned critics to rake in profits for investors, climbing to a new ATH of $66,000 today.
Bitcoin has maintained its bullish pace to surpass its previous ATH of $64,863, soaring to $66,950 today, October 20, 2021. At the time of writing this article, the flagship crypto was trading at $66,489.
This surge comes as the first Bitcoin futures-based exchange-traded fund (ETF) in the United States appeared to be on track to open firmer after a strong launch on Tuesday.
The ProShares Bitcoin Strategy ETF began trading on Tuesday, a step that market players believe will spur investment into the digital commodity.
On Tuesday, the ETF closed up 2.59% at $41.94 on Intercontinental Exchange Inc’s ICE, with around $1 billion worth of shares changing hands.
Bitcoin has risen around 45% this month in hopes that the introduction of U.S. Bitcoin ETFs – several of which are in the works – will spur billions of dollars to flow into the sector managed by pension funds and other large investors.
Several additional Bitcoin futures-based ETFs are expected to launch in the United States in the coming weeks. Instead of buying Bitcoin, these ETFs would buy Bitcoin futures contracts on regulated exchanges like the Chicago Mercantile Exchange (CME) in an attempt to imitate the cryptocurrency’s price performance.