Spot Bitcoin ETFs Surge as Bitcoin Hits $50,000

Bitwise Asset Management Predicts Continued Growth for Spot Bitcoin ETFs as Bitcoin Price Hits $50,000

Spot bitcoin ETFs are experiencing a surge in volumes, prompting Bitwise Asset Management to predict a high ceiling for growth. The price of bitcoin reached $50,000 today, just a month after the U.S. Securities and Exchange Commission (SEC) approved 11 applications for spot bitcoin ETFs. The demand for these ETFs has far exceeded initial expectations, with assets under management totaling approximately $28.35 billion, resulting in a market cap of $39.8 billion, according to Blockworks data. Trading volume over a 24-hour period reached $1.38 billion.