BTC price exceeded the threshold of $36 thousand

Nov 09, 2023
Over the past month, Bitcoin has grown by 30% reaching the price of $36 thousand and ETH has gained 20% in price. Over the calendar year, Bitcoin grows 93%.

Despite the rise in the value of cryptocurrencies this year, Matt Hougan, chief investment officer of Bitwise Asset Management, said that current prices do not reflect the potential impact of ETFs. Most experts do not expect ETF approval before 2025.

According to Hougan, the ETF will play an important role in the investment attractiveness of crypto. Currently, 20% of digital assets are bought by retail investors, and 80% are controlled by financial institutions and funds pending the approval of ETFs.

At the same time, the expert noted that BlackRock’s application for a spot bitcoin ETF in June had a significant psychological impact on the market and dispelled the lingering negative sentiment caused by the collapse of FTX at the end of last year.