Bitcoin holds above $45,000 as ETFs attract trader interest
Bitcoin (BTC-USD) prices climbed back above $45,000 on Thursday. The cryptocurrency has attracted increased trading volumes since the beginning of 2024.
Yahoo Finance Senior Markets Reporter Jared Blikre takes a closer look at the dips and peaks of the crypto market, including the recent hype around newly listed spot bitcoin ETFs.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Eyek Ntekim
Video Transcript
- Bitcoin is climbing back above 45,000 and taking related stocks with it. Jared Blikre is here with a closer look. Jared, do we know why this is happening? That's always the first question when it comes to Bitcoin.
JARED BILKRE: Well, that's not why I'm here, Julie.
- OK.
JARED BILKRE: OK. So we can establish that right now. Bitcoin often trades off of technicals and just pure enthusiasm or the waning of such enthusiasm. Let me show you a three-month-- actually, a two-month chart here.
This was the record high. And I'm going to actually expand this to three month and put some candlesticks. And you'll see why in a second. This was the high. And this was right around the time that the SEC approved the spot Bitcoin ETFs.
There was a huge lead up to that. You'd have to go all the way down way to the left side of the chart to see where this began. But all that enthusiasm kind of capped off there. And then we got that sell the news event.
And we came back down. We came back down to 40,000 support. And we actually went a little bit below that. So that was a false breakdown. Then we headed back up. And now, we are actually exceeding the top end of this range. And you'll notice, I'm not including this price this up here. That, I would say, is a false break to the upside.
So well-- we're well within this territory right now. And it looks like we're just going to head towards that next big psychological target, which is probably 50,000 right up in here. As to particular reasons why, I don't know.
But I will say this, the Bitcoin ETFs overall have attracted a lot of volume and a lot of interest. And here is Eric Balchunas over at Bloomberg. He's tweeting, "IBIT--" that's the iShares BlackRock Bitcoin ETF "--now is in the top five of year-to-date flows, which means it's taking in more cash than 99.98% of ETFs. Not bad for 17 days year old," and-- or "17 days old."
And I would add, it didn't even start at the beginning of the year. Here it is at number 5. And compared to the other ETFs above it, very impressive. Those are general market ETFs. So it's all in for the spot Bitcoin ETFs. And the marketing is really just gearing for the future. And that's what we're thinking about here in terms of investors, the future.
