Bitcoin price revisited $63,000 once again following of ProShares BTC Strategy ETF opening for trading

Bitcoin price rose to a 5-month high of $63,293, reaching an intraday high of $63,337 on the Bitstamp exchange, following shares of ProShares BTC Strategy ETF opening for trading. At the time of writing, BTC is changing hands at $62,649, up 12% in the past seven days.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price tops $63,000 on strong ETF debut and Grayscale filing

The first Bitcoin futures-linked ETF in the United States began trading on the New York Stock Exchange (NYSE), which opened for $40 per share of BITO before rising 3.8% to reach $41.54 at the time of publication.

“BITO will open up exposure to Bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider and creating a Bitcoin wallet or are concerned that these providers may be unregulated and subject to security risks,” ProShares CEO Michael Sapir said.

Bitcoin is currently about 2% away from reclaiming its current all-time high of $64,804, set in mid-April when the Coinbase exchange went public. The leading cryptocurrency is stealing attention following the much-anticipated launch of the Bitcoin Futures ETF.

ProShares’s Futures-based Bitcoin ETF has traded a staggering $320 million during its first 30 minutes of trading. James Seyffart of Bloomberg Intelligence described this level of demand as insane.

So the Bitcoin price went up after the shares of the ProShares ETF. This marks a return for the crypto asset to move above $63,000 for the first time since April, when it hit an all-time high of $64,863.

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