Bitcoin rose above $47,000 as interest in spot Bitcoin exchange-traded funds (ETFs) continued. Ethereum, which ranks second in terms of market value, also gained 3.55 percent in the last 24 hours and exceeded $ 2,500.
On the other hand, the expectation that central banks will start to reduce interest rates this year and the ‘halving’ expected in April also support the increase in Bitcoin.
After a long wait, spot Bitcoin ETFs were approved on January 10 and opened for trading on January 11.
JPMorgan analysts prepared a report comparing the spot Bitcoin ETFs with the most trading volume. Accordingly, Bitcoin ETFs offered by BlackRock and Fidelity have a liquidity advantage over those issued by Grayscale.
BlackRock and Fidelity funds are among nine new US spot Bitcoin ETFs that began trading on January 11. Grayscale Bitcoin Trust (the largest crypto asset-backed fund), with over a decade of history, converted into an ETF on the same day. JPMorgan analysts including Nikolaos Panigirtzoglou said BlackRock iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund scored better in two liquidity studies.