Reaction: The recent rush of firms applying for a Bitcoin spot exchange-traded fund has attracted institutional investors’ attention, potentially boosting prices further. However, it remains to be seen whether this is a sign of overheating or increasing mainstream trading interest. The S&P 500 Index and the Nasdaq Composite have been overtaken by Bitcoin, which has risen nearly 83% year-to-date. LookIntoBitcoin founder Philip Swift suggests that Bitcoin’s supply has started to move from long-term holders to speculative investors, indicating increasing mainstream trading interest.
Summary:
– Bitcoin’s recent bullish price action and influx of ETF applications may attract institutional investors and boost prices further.
– The S&P 500 Index and Nasdaq Composite have been outperformed by Bitcoin, which has risen nearly 83% year-to-date.
– LookIntoBitcoin founder Philip Swift suggests that Bitcoin’s supply has started to move from long-term holders to speculative investors, indicating increasing mainstream trading interest.