Thanks to the Bitcoin ETF the price of Bitcoin managed to break through an all time high

Majalahburung.comThanks to the Bitcoin ETF the price of Bitcoin managed to break through an all time high : Bitcoin finally managed to break through its highest level in history on Wednesday (20/10) night. Noted, Bitcoin had touched the level of US $ 67,277 which is an all time high (ATH).

However, in today’s trading, Thursday (21/10), referring to Coinmarketcap, the Bitcoin price corrected from its highest level and was at the level of US$ 66,413.58 at 16:15 WIB or down 1.28%.

Even so, Triv CEO Gabriel Rey revealed, prospectively, Bitcoin will still be attractive and have the potential to penetrate ATH again. He explained that the sentiment that pushed Bitcoin to its highest level was that the Securities and Exchange Commission (SEC) had approved a Bitcoin ETF.

“The ProShares Bitcoin Strategy ETF started trading on exchanges earlier this week and has seen an increase in the inflow of funds into Bitcoin. As a result, the price of Bitcoin is in a bullish trend and is able to penetrate ATH,” Gabriel said to Kontan.co.id, Thursday (21/10).

According to him, Bitcoin’s bullish trend will continue as next week the SEC has the potential to re-approve Bitwise’s ETF. With the increase in Bitcoin ETF products, it is expected that there will be a flow of funds coming back, both from retail and institutional investors.

Moreover, Gabriel highlighted that so far the approved Bitcoin ETFs are still based on futures products. If there is a Bitcoin ETF based on the spot Bitcoin market, he sees the flow of funds that will enter will be even greater.

“You could say that we are still in the pre-pump period, if the spot-based Bitcoin ETF is already traded, the new pump will increase sharply,” he added.

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