Bitcoin’s 160% Rebound in 2023 Is a Gamble on ETF ‘Demand Shock’
- Bitcoin weathered Binance, SBF scandals to jump more than 160%
- Speculators expect US spot ETF approvals to drive demand
Bitcoin stormed back with a more than 160% advance this year that added some $530 billion to its market capitalization.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
The sense of doom that gripped crypto markets at the end of 2022 following a $1.5 trillion wipeout has 12 months later given way to a very different sentiment: avarice.
Bitcoin stormed back with a more than 160% advance this year that added some $530 billion to its market capitalization. In its wake, myriad smaller tokens ranging from Sam Bankman-Fried-backed Solana to dog- and frog-themed memecoins took off as investors embraced risk again. An investor who bought $100,000 of Solana at the start of 2023 would now be sitting on a more than $800,000 gain.