The price of Bitcoin (BTC) is not impressing investors as the current hype surrounding the spot product BTC Exchange-Traded Fund (ETF) does not result in significant profits.
Bitcoin (BTC) price pushes upward trend
As the Spot Bitcoin ETF products are released for tradingThe price of the digital currency shows huge volatility the cap was $46,307.38, up 0.93% in the last 24 hours. With the coin's prospects, Bitcoin has managed to grow to a 24-hour high of $48,969.37.
The expectations of many market makers will be disappointed as the BTC price should see a parabolic rise as new inflows of money flow into the industry.
Despite the slow pace, Bitcoin price is showing some interesting statistics, with a series of lower lows recorded in the last 24 hours. In early trading, Bitcoin rose from a low of $45,305 to a high of $47,647.77 before falling back to $45,721.50. Bitcoin price eventually recovered from this lower low and rose to the daily high of $48,969.37, coinciding with the launch of the spot Bitcoin ETF on exchanges.
Bitcoin 1D price chart
There have been interesting statistics from the ETF market so far: BlackRock's IBTC has surpassed the trading volume benchmark of $1 billion. According to current estimates, it is on track to surpass the opening volume of the ProShares Bitcoin Futures ETF in the eventual product went live in 2021.
Even if the hype in the Bitcoin ETF space doesn't impact the price overall, the digital currency is in a good position, having risen 8.68% year-to-date (YTD).
What does the future hold for Bitcoin?
The most fundamental bottleneck holding back BTC's price is probably the launch of the spot Bitcoin ETF, and now that that's out of the way, the next set of fundamentals serves as an important catalyst to keep an eye on.
This foundation depends on the Bitcoin halving, which is scheduled to take place in the second quarter. As a network event, this Bitcoin halving will be the first recorded in Bitcoin after the spot ETF approval.
As predicted by experts, this event will complement the institutional influx into the industry and could provide a further impetus massive increase in Bitcoin price as is historically the case with halving.
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