The sudden increase in Bitcoin’s price is occurring in the context of renewed interest in the approval of upcoming spot ETF funds and a significant rise in overall trading volumes on the spot markets.
This surge also coincides with developments related to BlackRock’s proposed Bitcoin spot ETF. On October 23rd, in a post on X (formerly known as Twitter), analyst Scott Johnson pointed out two new pieces of information that suggest that the approval of BlackRock’s Bitcoin spot ETF may be getting closer.
Johnson noted that BlackRock, the investment giant, has obtained a specific “CUSIP” license and may soon commence the launch of their spot ETF product with cash backing, starting earlier this month.
The sudden price increase is also accompanied by a notable growth in Bitcoin’s spot trading volume. At the time of writing, the 24-hour trading volume for Bitcoin’s spot market has surged to over $35 billion USD, marking a 241% increase within the same timeframe, according to data from Coinmarketcap.