<span style="font-weight: 400">The market data aggregators have recently <a href="https://www.reuters.com/technology/bitcoin-sits-below-all-time-high-after-us-etf-debut-2021-10-20/?rpc=401&amp;" target="_blank" rel="nofollow noopener">witnessed</a> the price of Bitcoin just sitting below its all-time high on Wednesday, October 20. It happened following the beginning of trade of the first ETF based on US Bitcoin futures, a notable development that the market participants believe is highly likely to drive investment into the digital asset ultimately contributing to the rise in its price.</span>
<h2><span style="font-weight: 400">Bitcoin Manages to Surge to $64,499 After the US ETF Debut</span></h2>
<span style="font-weight: 400">As reported on Tuesday, the <a href="https://www.cryptoknowmics.com/news/us-securities-and-exchange-commission-sec-approves-the-proshares-bitcoin-strategy-etf/">ProShares Bitcoin Strategy ETF</a> closed up 2.59% at the mark of $41.99 following its very first day of trading. A trade of around $1 billion worth of shares was witnessed on the INC.N Arca Exchange of Intercontinental Exchange Inc. </span>

<span style="font-weight: 400">Analysts said that the trading seems to be dominated by smaller investors and high-frequency trading firms, noting that the large block trades are absent and it ultimately indicated that the institutions are preferring to stay on the sidelines.</span>

<span style="font-weight: 400">The managing partner at Q9 Capital, a Hong Kong-based cryptocurrency private wealth manager, James Quinn, said the launch of the new product was meaningful for Bitcoin. </span>

<span style="font-weight: 400">Quinn said that any brokerage firm in the United States who wants to take on this ETF can do as easily as any other ETF, which should make it available to a lot of people. </span>

<span style="font-weight: 400">As the ETF is based on Bitcoin Futures, Quinn said that the trades and hedges are underpinning the ETF means activity will be flowing into the spot market and the price of Bitcoin.</span>
<h2><span style="font-weight: 400">The Emergence of Crypto ETFs Amid Rising Interest in Digital Assets</span></h2>
<span style="font-weight: 400">This year, Canada has witnessed an emergence of Crypto ETFs amid rising interest in digital assets. At present, <a href="https://www.cryptoknowmics.com/news/analysts-believe-that-valkyrie-will-introduce-a-bitcoin-futures-etf-this-week/">Valkyrie</a> and VanEck are among the fund managers pursuing US-listed ETF products, although Invesco dropped the idea for an ETF based on futures on Monday.</span>

Bitcoin Rests Just Below All-Time High Following the US ETF Debut

The market data aggregators have recently witnessed the price of Bitcoin just sitting below its all-time high on Wednesday, October 20. It happened following the beginning of trade of the first ETF based on US Bitcoin futures.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

Bitcoin Rests Just Below All-Time High Following the US ETF Debut

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