News
Bitcoin briefly surpasses $65,000
Key points
- Bitcoin was trading around $64,000 in the United States on Wednesday afternoon, after having surpassed $65,000 earlier in the day.
- An investment note from digital asset manager Bitwise says ether is set to hit all-time highs following the imminent start of spot listings for ether ETFs.
- The U.S. spot bitcoin ETF market saw its largest inflows since June 5 on Tuesday, hitting $422.5 million.
- Grayscale has introduced a fund that includes a basket of crypto tokens focused on decentralized artificial intelligence.
Bitcoin (BTC) continued its positive price movement this week, briefly rising above $65,000 on Wednesday. The cryptocurrency asset is now up about 12% since Friday amid improved odds for cryptocurrency-friendly candidate Donald Trump to be re-elected president and imminent approval of the spot ether (ETH) exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
The launch of spot Ether ETFs has seen the price of Ether rise
A new investment note from digital asset manager Bitwise’s chief investment officer Matt Hougan said that the listing of ETF spot ether will send the underlying cryptocurrency to Ethereal at all-time highs above $5,000.
According to Hougan, this upward push in prices will be due in part to the fact that approximately 28% of the total ether supply is not available for these future ETFs due to being focused on the Ethereum network. This means that the assets are locked into a contract for a set period of time and cannot be withdrawn and sold. The ether held by the upcoming ETFs will not be staked, at least not yet.
Hougan adds that the price of ether may be choppy at first; however, he predicts that ETH will reach all-time highs by the end of the year. Hougan previously stated his belief that spot ether ETFs will see $15 billion in inflows over the next year and a half.
Spot Bitcoin ETF Inflows Continue to Strengthen
On the Bitcoin On the other hand, inflows into U.S. spot bitcoin ETFs haven’t slowed down: Tuesday was the biggest day in the past two months. According to Farside Investors, $422.5 million flowed into these new financial products on Tuesday, the largest daily amount since June 5. When combined with Monday’s numbers, $723.4 million has already flowed into spot bitcoin ETFs this week.
Digital asset manager Grayscale, which operates the Second largest spot bitcoin ETF (GBTC), announced on Wednesday the launch of its latest private placement investment product: the Grayscale Decentralized AI Fund, which holds crypto tokens operating in the field of decentralized artificial intelligence (AI).
The fund will be updated and rebalanced quarterly and currently includes Bittensor (Information Office), Filecoin (PHILIPPINE), Livepeer (Local public transport), Near (NEAR) and Make (RNDR) AI Cryptographic Protocols.