Bitcoin Soars to $67K Amid Surge in ETF Investments and Institutional Interest
May 17, 2024
Bitcoin's price surged past $65,000, peaking at $67,422 before settling at $66,750.
The digital asset is up nearly 3% in the past day and over 9% in the past week.
New investors, including major Wall Street firms like Morgan Stanley and Millennium Management, are fueling the price increase through spot ETFs.
Institutional interest in Bitcoin ETFs is growing, with trading volumes hitting record highs.
Professional firms are showing more interest in Bitcoin ETFs than gold ETFs in Q1.
Retail investors hold the majority of assets in spot Bitcoin ETFs, while institutional investors are increasing their exposure.
Major financial institutions like Morgan Stanley, JPMorgan, and Wells Fargo are purchasing Bitcoin ETF shares.
The State of Wisconsin has disclosed significant holdings in two Bitcoin trusts.
Despite the surge, the number of long-term BTC holders has declined, leading to potential future price volatility.
US regulators are expected to decide on approving Ethereum ETFs by May 23.
Experts predict Bitcoin could reach over $1 million before 2030, making spot Bitcoin ETFs attractive for wealth accumulation.
Investors are advised to conduct their own research before making high-risk investments in Bitcoin or digital assets.
Bitcoin ETFs in the US have seen significant asset growth, now totaling over $12.3 billion.
Recent regulatory developments could impact the Bitcoin ETF landscape, with the Senate voting to overturn an SEC rule, though President Biden may veto the bill.
Despite challenges, Bitcoin ETFs in the US continue to attract investment and show resilience in the market.
Summary based on 154 sources
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Sources

Forbes • May 16, 2024
Bitcoin Remains Above $65k—What’s Next For The Cryptocurrency?
USA Today Blueprint • May 16, 2024
Ethereum price today: ETH is trading at $2,899.76
Yahoo Finance • May 16, 2024
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Yahoo Finance • May 16, 2024
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