Bitcoin ETFs Shake Up Crypto Market After Storming Wall Street

New US funds contribute to Bitcoin’s surge toward a record
Cost for bullish bets via some futures is highest since 2021

WATCH: Bitcoin’s biggest intraday rise since last March saw the cryptocurrency jump as much as 13% to $63,968 on Wednesday. Sidhartha Shukla reports.Source: Bloomberg

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By Sidhartha Shukla

February 29, 2024 at 9:16 AM UTC

Updated on

February 29, 2024 at 1:06 PM UTC

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New US spot Bitcoin exchange-traded funds are shaking up the market for the original cryptocurrency after widening demand for the token and attracting more than $7 billion of net inflows in less than two months.

The most visible change is a surge of over 45% in the price of the largest digital asset this year to about $63,000, bringing the pandemic-era record high of almost $69,000 into view. A looming reduction in Bitcoin’s supply growth, called the halving, has also stoked the rally.