According to CoinMarketCap data, Bitcoin decreased 1.04% to US$30,416 in the 24 hours leading up to 4 p.m. in Hong Kong. The biggest cryptocurrency in the world has increased 15.11% in the past week on the back of market optimism after several financial institutions showed interest in developing exchange-traded funds (ETFs) centered around cryptocurrencies.
The United States Securities and Exchange Commission (SEC) on Friday authorized Volatility Shares of Florida to launch the first leveraged Bitcoin futures ETF in the country, according to CoinDesk. The CBOE BZX Exchange will begin trading the "2x Bitcoin Strategy ETF" on June 27, based on the fund's website.
The ProShares Bitcoin Strategy ETF (BITO), a Bitcoin futures fund, has seen an increase in inflows, according to Eric Balchunas, senior ETF analyst for Bloomberg, who posted on Twitter on Monday.
"The Bitcoin futures EFT $BITO had it's biggest weekly inflow in a year as assets top $1b again. It also traded half a billion in shares on Friday, which it's only done about 5 times before via @SirYappityyapp" by Eric Balchunas.
The world's largest asset manager, BlackRock, and New York-based asset manager WisdomTree submitted applications to the SEC earlier this month in order to launch spot Bitcoin ETFs.
Thielen also added that “In Blackrock’s history, the company has filed 575 ETF applications, with only one being rejected. Hence the approval odds appear high, and it would also send a signal from the SEC that they are progressive if regulatory requirements are fulfilled.”
“We believe that the SEC will approve Blackrock’s request by September – October 2023 (at the earliest after 45 days) and that the iShares Bitcoin Trust ETF could accumulate ~US$10 billion worth of Bitcoin holdings by the end of 2023,” head of research at digital asset service platform Matrix port,Markus Thielen, stated in an emailed statement on Friday
The second-largest cryptocurrency in the world, ether, decreased 0.98% to US$1,893 in a single day but increased 9.83% over the week.
Dogecoin and Cardano's ADA token both lost over 2% over the past 24 hours but gained over the previous week, making them the current day's largest losers. Cardano decreased 2.33% to US$0.2904 yet grew 11.58% over the course of the week. Following a week-long increase of 6.6%, Dogecoin fell 2.31% to US$0.06609.
The only two tokens among the top 10 non-stablecoin cryptos to register weekly losses were BNB, the native token of the largest cryptocurrency exchange in the world, Binance, and XRP, which drives part of Ripple Labs' payment and exchange network services.
Following Binance's legal dispute with the SEC over allegedly breaking securities laws, BNB dropped 1.33% to US$237 in 24 hours and lost 2.29% over the past 7 days.
XRP lost 1.13% throughout the course of the week before falling 1.17% in 24 hours to US$0.4848. The revelation of internal SEC documents, which Ripple claimed might show the American agency had unfairly targeted the company with a lawsuit, caused XRP values to drop.
Crypto market volume decreased 4.34% to US$32.06 billion in 24 hours, while the global crypto market value plummeted 1.08% to US$1.18 trillion.
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