October has been incredibly kind to cryptocurrencies, leading some in the crypto community to rename it “Uptober”.
Bitcoin enters the new week holding firmly above the 60k mark with eyes on challenging all-time highs. Over the past 25 hours, BTC gained .5% and in the past week alone the crypto stalwart has risen by over 11%.
ProShares recently confirmed that their ETF tied into Bitcoin futures was approved by the SEC and is expected to start trading on Tuesday under the ticker BITO. While a futures ETF represents a very different way of holding BTC than directly buying and holding the crypto, it is the very first traditional financial offering within the United States directly connected to BTC and is drawing massive interest.
Several other investor powerhouses are expected to bring similar ETFs online in the near future including Invesco, VanEck, and ARK Invest. The first steps for BTC into the traditional financial world are widely expected to continue to push valuations even higher.
The recent surge of Bitcoin has made investors quickly forget about a painful summer where the crypto dropped below 30k but patient investors were quickly rewarded with a lightening quick rebound. With so much instituitional support and the ETF hitting, new record highs should be around the corner.
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