Spot BTC ETFs Buy 5,240 Fresh Tokens as BlackRock, Fidelity Load Up on the Dip

Spot Bitcoin ETFs in the US enjoyed elevated buying momentum to kick off the trading week. A total of 5,240 Bitcoin were added across all 11 approved investment vehicles holding genuine Bitcoin.

Spot Bitcoin ETFs kicked off the trading week with a bang, adding a total of 5,240 fresh tokens to their coffers. The 11 approved investment vehicles holding genuine Bitcoin saw a buying spree, ensuring ample liquidity for both retail traders and professional money managers.

Despite Bitcoin’s recent four-month low, the large-scale purchases were made at opportune moments. On Monday, prices dropped below the $55,000 mark per token, signaling a pullback by the masses. However, big whales likely continued accumulating tokens following strong performance in June, with a reported $12 billion spent on new acquisitions.

Key Takeaways:

Big Bitcoin Holders Made Every Dip a Buying Opportunity

But these market participants have vast sums to allocate. If you’re new to crypto, always DYOR.

Bitcoin Price Rebounded to $58,000 a Piece

With this, prices rebounded from their four-month nadir and were up about 2% on Tuesday, trading around the $58,000 handle. So far this year, Bitcoin has risen 30%, starting 2024 at roughly $44,000 per token.

Earlier in March, the leading crypto hit an all-time high of over $73,000 a piece. But from that point of return, Bitcoin has shed about 20% of its value, wiping out billions of dollars in market capitalization.

Nevertheless, big-name professional investors remain bullish on Bitcoin’s best days. Approval of the spot Bitcoin exchange-traded funds has enabled ordinary folks to get a piece of the action, right alongside Wall Street experts. Moreover, the lower barrier to entry is expected to extend into the Ethereum market.

8 ETH ETFs Poised to Roll Out Next Week

A total of eight Ethereum-based ETFs are expected to launch as early as next week. The Securities and Exchange Commission, the top US financial regulator, gave the green light to the ETH-focused investment vehicles last month. Now, final adjustments are being made ahead of the official rollout.

Analysts predict that as much as $5 billion could be injected into Ethereum’s market cap, potentially boosting the price in the process. As the second-largest cryptocurrency, Ethereum trades near the $3,000 threshold with traders and investors awaiting the final call before the major milestone.

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