Bitcoin price: Steady increase
Early this morning (October 22), Bitcoin - the world's largest cryptocurrency by market value witnessed an upward trend, increasing by 2.32% to 113,675.73 USD.
This new price contributes to bringing market capitalization to 2,266 billion USD, an increase of 60 billion USD. In the same direction, trading volume in the 24-hour reversal increased, currently at 76.08 billion USD, a sharp increase of 18.47 billion USD.
Assessment and forecast
According to Cointelegraph, large Bitcoin holders, commonly known as "wallahs", are moving their cryptocurrency assets to exchange-traded funds (ETFs). Property managers like BlackRock are actively communicating with these investors. This trend marks an important shift from self-management to integrating exposure to Bitcoin in traditional financial systems, providing easier access to widely used investment and lending services.
Robbie Mitchnick - Head of Digital Assets of BlackRock said that this move is partly due to a recent rule change by the US Securities and Exchange Commission, allowing the creation and exchange of cryptocurrency ETFs in the form of in-kind.
This adjustment allows participants to be authorized to exchange ETF stocks directly for Bitcoin, instead of cash, making large-scale conversion more efficient and tax-friendly for institutional investors. According to Bitbo data, BlackRock's IBIT has become the most successful approved spot Bitcoin ETF in the US, surpassing $70 billion in assets under management in record time and now exceeding $88 billion.
The increase in spot-backed ETF funds highlights the increased institutionalization of Bitcoin, more than 15 years after being initiated by Satoshi Nakamoto. While early Bitcoin proponents have favored self- Detention as the safest way to protect the fund, the emergence of spot-grant Bitcoin ETFs and the holding of companies are challenging this ideal.
In Vietnam, Bitcoin and other cryptocurrencies are not recognized as a legal means of payment. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
