Bitcoin Interest Surges As ETF Approval Looms

The rally in Bitcoin (CRYPTO: BTC) prices and the likely approval of a spot Bitcoin ETF led to rising interest in the cryptocurrency.

Bitcoin’s Wikipedia page saw 13,490 pageviews on Oct. 24, based on The Block’s Data Dashboard. This marks the highest level since mid-2022.

In mid-September, the Bitcoin Wikipedia touched its 2023 peak of 7,830 views.

This heightened interest in Bitcoin and its potential ETF launch is among the topics set to be discussed at Zenger News’s Future of Digital Assets conference on Nov. 14. The event will provide expert insight into the evolving dynamics of the digital asset realm, especially as the industry anticipates pivotal developments like the spot Bitcoin ETF.

Bitcoin prices on Oct. 24 particularly surged 9% while the past two weeks’ gain stands at 20%. Prices have currently held on to the $34,000 mark and not dropped below it.

On Oct. 23, Bitcoin prices breached the $35,000 mark for the first time since May 2022. The final approval for spot bitcoin ETF will likely be before Jan. 10, 2024 — the final deadline of Ark Invest and 21Shares applications. Several asset managers like BlackRock, VanEck have also amended their ETF filings amid expectations of an approval soon.

The Bitcoin price rally has also led to an influx in cryptocurrency investment products, with total inflow of $326 million in the last week, the highest in 15 months. Bitcoin accounts for 90% of the total inflows.

In the past week, total assets under management in crypto products stood at its highest level since May 2022 at $37.8 billion, Crypto News reported. Canada and Germany saw the largest domestic inflows, with $134 million and $82 million respectively, while U.S. accounted for only 12%.

Produced in association with Benzinga