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(as of 3:00 AM UTC, June 28, 2023)
Bitcoin (BTC) is holding steady at around $30,000 as the Asia market opens. The market’s continued optimism towards a possible Bitcoin Exchange Traded Fund (ETF) has extended to other digital assets, including Ethereum (ETH) and Layer 2 tokens such as Arbitrum (ARB) and Polygon (MATIC), underscoring the broad-based positive sentiment in the crypto markets.
The Bitcoin ETF saga has taken a pivotal role in shaping market sentiment. Following the footsteps of BlackRock and Invesco, industry giant Fidelity has joined the fray in the quest for a Bitcoin ETF, with expectations pointing to a possible approval as soon as the end of the summer. If a Bitcoin ETF is greenlighted, it could act as a catalyst for an institutional rally, potentially driving Bitcoin to $40,000 by year-end, according to a CoinDesk report.
The market’s optimism is further reflected in the recent performance of the Grayscale Bitcoin Trust (GBTC). GBTC’s share price recently reached a one-year high, spurred by the anticipation of the trust converting into an ETF. This transformation could reconcile the gap between its share price on secondary markets and the net value per share of the fund’s BTC holdings, thereby bringing in additional value for investors.
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