News - Are Bitcoin ETFs kicking off the next bull run?

By Ted Maas

Are Bitcoin ETFs kicking off the next bull run?

Since Blackrock got the green light, applications for Bitcoin ETFs have been piling up. Are these ETFs driving another bull run?

The Bitcoin Rate (BTC). is headed in the right direction after months of drought. The current BTC exchange rate stands at $30.217. In the past 24 hours, the price has risen 4.7 percent. During the week, it even recorded a plus of 20.8 percent - over the past month, the price has risen 10.2 percent. Still, it is clearly too early to talk about a bull run. In any case, the current situation around Bitcoin ETFs are a positive indicator.

Valkyrie Investments applies for Bitcoin ETF

Valkyrie Investments filed for a Bitcoin Spot ETF on June 21. This puts the well-known investor seamlessly behind Blackrock, WisdomTree, Invesco and Fidelity, all of whom want to make BTC prices and participation in them public to a wider audience. This will put the U.S. Securities and Exchange Commission to the test after a lot of turmoil in the sector - the pressure is increasing.

If the BTC ETFs are approved, it could be a major catalyst for the stock price. This is also how Cameron Winklevoss, co-founder of the crypto exchange Gemini, sees it. He sees the current situation as an opportunity to acquire BTC before the big run begins.

"The great accumulation of Bitcoin has begun. Anyone who follows the flow of ETF filings knows that the opportunity to buy Bitcoin (before it goes public) is fast approaching. Then the ETFs start and the floodgates open. If Bitcoin was the most obvious and best investment of the past decade, it will probably be the most obvious and best trade of this decade." - Cameron Winklevoss

Time to party?

Of course, you have to take the Winklevoss brothers’s; statement with a grain of salt. After all, we are dealing with an exchange CEO who has a vested interest in people buying Bitcoin. That’s;s why bullish statements always have their own upside.

The tense and unresolved situation surrounding the crypto exchanges Binance and Coinbase, general poor sentiment in the global financial market including high inflation in many countries continue to depress investor sentiment. Whether a Bitcoin ETF will therefore be enough to push the BTC price to ultimate heights remains to be seen.

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