The price of Bitcoin (BTC) rose on Monday, briefly reaching $35,000, as speculation about a Bitcoin ETF grew. Bitcoin has broken through the $35,000 barrier for the first time since May 2022, representing a remarkable rise in the last 24 hours. On October 23, the price of Bitcoin skyrocketed, rising more than 10% from $31,000 to over $34,000. According to TradingView statistics, Bitcoin achieved a high of $35,300 less than two hours after breaking the $34,000 barrier. Bitcoin is currently trading at $34,550 per coin.
The unexpected price gain for Bitcoin comes with renewed interest in imminent spot ETF approvals as well as a considerable increase in total trading volumes across spot marketplaces. The rise coincided with news about BlackRock’s proposed spot Bitcoin ETF. On Oct. 23, an X (previously known as Twitter) post from Analyst Scott Johnson pointed to two new pieces of information that could indicate the investing behemoth is coming closer to a Bitcoin ETF clearance.
Johnson stated that BlackRock has obtained a special “CUSIP” license and that they may begin “seeding” its spot ETF product with cash as early as this month. In reaction to the post, senior Bloomberg ETF analyst Eric Balchunas highlighted that seeding an ETF is “typically not a lot of money” and would just be enough to get an ETF up and running, but conceded that it is a good indication overall and indicates “another step in the process of launching.”
The unexpected price increase coincided with a huge increase in Bitcoin’s spot trading volume. According to CoinMarketCap data, spot trade volume has increased by 241% in the previous 24 hours to more than $35 billion at the time of publication. While Bitcoin experienced the greatest price surge, the general upward price movement lifted other boats as well, including Ethereum’s native currency Ether.
Crypto market experts and community members were perplexed by the abrupt upward movement, with independent journalist Autism Capital questioning their 237,000 followers, “What the heck just happened?” Zooming out from the immediate price movement, there appeared to be a favorable setup for the unexpected increase in the price of cryptocurrencies, with Coinshares statistics revealing that digital asset investment products witnessed inflows for the fourth week in a row.