Bitcoin is making a comeback as it reaches a new high for the year, surpassing $35,000 during Asian trading. This surge in price is accompanied by a renewed interest from institutional investors, with four consecutive weeks of inflows to cryptocurrency products. Bitcoin prices have reached their highest level since May 2022, reaching $35,066 during the Tuesday morning Asian trading session. The asset has gained an additional 14.5% over the past 24 hours and is currently being traded at $34,727. This recent surge brings Bitcoin back to 50% down from its peak price in November 2021.
One factor driving this upward movement is the excitement surrounding spot exchange-traded fund (ETF) products. Analysts have observed that BlackRock, an asset manager, has obtained a specific license and may begin seeding its spot ETF product with cash this month. This has sparked expectations and enthusiasm among investors. In addition, institutional investors are increasingly entering the crypto market, with a fourth consecutive week of inflows. Bitcoin products dominate these inflows, with $55 million invested, reflecting the anticipation of a spot Bitcoin ETF launch in the US.
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