Bitcoin surpasses $30,000 amid rush for spot BTC ETF.

The value of Bitcoin (BTC), the world’s largest cryptocurrency, has continued to rise, increasing by another 5% in the last 24 hours and surpassing $30,000. At the time of writing, BTC is trading at $30,286 with a market capitalization of $588 billion. This recent surge in BTC’s value is due to a flood of spot Bitcoin ETF applications that have been submitted to the SEC’s office. Financial giant BlackRock triggered this trend by filing for a spot Bitcoin ETF last week.

Soon after, several other asset managers such as Fidelity, Valkyrie, WisdomTree, Bitwise, and others followed suit. Some of these players have already introduced Bitcoin derivative products that are permissible under regulatory rules.

In the past, the SEC has rejected several applications for spot Bitcoin ETFs due to concerns about the lack of investor protection. However, with global financial giants like BlackRock lending their support, investors are optimistic about the possibility of approval in the future.

Since BlackRock’s filing, Bitcoin’s value has already risen by more than 20%, with much of this rally taking place in just the last 72 hours. With this current price surge, Bitcoin continues to dominate the market, representing 50% of the overall crypto market.

The recent price increase is accompanied by a significant increase in Bitcoin Network activity, with 435,000 transactions recorded on June 20, up 13% from 385,000 transactions on June 14, according to data from The Block. Interestingly, this rise in activity coincides with asset manager BlackRock’s filing for a spot Bitcoin (BTC) ETF.

The Great Accumulation of Bitcoin

As some of the world’s largest financial players seek to gain exposure to Bitcoin, Gemini co-founder Cameron Winklevoss refers to it as ‘The Great Accumulation’. In one of his recent tweets, Cameron wrote:

“The Great Accumulation of bitcoin has begun. Anyone watching the flurry of ETF filings understands the window to purchase pre-IPO bitcoin before ETFs go live and open the floodgates is closing fast. If bitcoin was the most obvious and best investment of the previous decade, this will likely be the most obvious and best trade of this decade.”

On the other hand, Bitcoin whales have also been accumulating BTC all this while. On-chain data shows that the number of whale transactions increased as the BTC price crossed $30,000. According to the Santiment report, “Bitcoin’s whale transactions hit its highest hour in over 3 months, as 259 transactions exceeding $1M in value occurred on the $BTC network just 2 hours after its price exceeded $30.6k. Volume likely needs to continue rising to justify more growth.”

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