Interest in the impending increased use of Bitcoin (BTC) in financial markets through potential spot exchange-traded funds (ETFs) appears to have reached retail investors, Google Trends data shows.
Google Global Value search for The Spot Bitcoin ETF for a five-year window is on track to reach a peak value of 100 this week, indicating maximum interest among the general population. The value of the Bitcoin ETF rose to 39%, the highest level since the launch of the ProShares futures-based ETF two years ago. At that time, the search value for “Bitcoin ETF” also reached 100.
In other words, more and more people on Main Street are scanning the web for information about Bitcoin ETFs and how they will impact the market value of what is already the world’s largest cryptocurrency. Market participants are convinced that the US Securities and Exchange Commission, having recently missed a deadline to challenge a critical legal loss, will approve the creation of an exchange-traded fund early next year, opening the floodgates of liquidity.
“Approval of a spot BTC ETF has been a consistent topic in the cryptocurrency space and is often seen as a measure of BTC’s mainstreaming,” Toronto-based cryptocurrency platform FRNT Financial said in an email on Thursday, referring to Google’s spike. . Research values for ETF.
Google Trends mostly provides unfiltered samples of search queries submitted to Google and measures searches on a scale from 0 to 100. The value represents search interest relative to the highest point in the chart for the given region and time. The peak value of 100 has historically defined bull market tops in BTC and Solana (SOL).
Spot ETFs will track the price of Bitcoin rather than Bitcoin futures prices and involve the purchase and ownership of the cryptocurrency by the provider. It is suitable for anyone looking to get direct exposure to Bitcoin without having to own the cryptocurrency themselves.
Spot ETF bullishness gripped the market three months ago after traditional financial market heavyweights like BlackRock filed for one. Bitcoin has insulated it from negative macroeconomic developments, ensuring the cryptocurrency outperforms against Ether (ETH).
According to crypto services provider Matrixport, the price of Bitcoin could rise to between $42,000 and $56,000 if the BlackRock ETF is approved. Bitcoin recently traded at around $29,400.
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