The price of Bitcoin has risen 3% over the last 24 hours to surpass its previous all-time high of $64,804.72, set on April 14. At the time of writing this, the leading cryptocurrency is trading at $65,709.72, according to CoinGecko.
BTC has been on an upward trajectory recently since bottoming out at just below $30,000 on July 20.
The theory behind the price rise is that Bitcoin’s price rose mainly due to the prospects of the U.S. Securities and Exchange Commission (SEC) permitting a Bitcoin futures ETF proposal to go through—for the first time.
The first Bitcoin-linked exchange-traded fund in the US, the ProShares Bitcoin Strategy ETF, debuted the financial markets on 20 October and saw strong investor demand, marking a crucial moment for the crypto industry.
The ProShares ETF with ticker BITO ended Wednesday with $1.1 billion under management after trading volume topped $1.2 billion, according to a press release. That’s the quickest that an ETF has reached the $1 billion mark according to a Bloomberg report.
“It was not expected. We thought it was going to be a big hit, we thought it was going to be successful,” Bloomberg ETF research analyst James Seyfarrt was quoted by Decrypt. “I thought if it traded $250 million in the first day, it would be a success. It did that in just 30 minutes.”
Now that ProShares is officially on the market and received a watershed response —with other Bitcoin futures ETFs expected to be debuted soon —the Bitcoin price has not looked backward.
The ETFs give institutional and retail investors access to Bitcoin and other crypto assets, without users having to buy and store crypto themselves.
Valkyrie Investments’ bitcoin futures ETF will debut markets on Friday after the bitcoin-linked fund cleared the final regulatory hurdles. It will trade on Nasdaq under the ticker BTF on Nasdaq. VanEck, the global investment fund manager’s own bitcoin futures ETF offering is scheduled to trade starting early next week.