Recently, crypto bitcoin set a new record for views on Wikipedia, surpassing the highest since June 2022.
There is speculation that interest may have increased as a result of last week’s crypto price rally and ETF news. See below for more details.
Summary
- Latest news on bitcoin: between Wikipedia search parameters and continued rally
- The other consequences of spot ETFs on bitcoin: crypto investment inflows on the rise
- Bitcoin is in bull market territory: Michaël van de Poppe’s comments
Latest news on bitcoin: between Wikipedia search parameters and continued rally
As expected, visits to bitcoin’s Wikipedia page surged last week, reaching their highest level since mid-2022.
Specifically, according to The Block‘s Data Dashboard, the Bitcoin Wikipedia page reached 13,490 page views on 24 October.
In addition, according to Rebecca Stevens of The Block Research, last week’s price rally and promising news about the potential approval of a spot bitcoin ETF likely spurred the increase in traffic.
Indeed, Stevens had this to say on the subject:
“Bitcoin’s recent rally and the potential for a spot ETF have made people more interested in the asset. The newfound interest can be shown in more casual ways, such as more people visiting the Bitcoin Wikipedia page.”
Recall that on 23 October, the price of bitcoin rose above $35,000 for the first time since May 2022.
This means that the world’s largest cryptocurrency by market capitalisation has risen 13% in the last week and is up nearly 29% in the last month.
Unsurprisingly, JPMorgan analysts led by Nikolaos Panigirtzoglou said last week:
“The timing for approval of spot bitcoin ETFs remains unclear, but is expected to occur within a few months and most likely before January 10, 2024, the final deadline for applications from Ark Invest and 21Shares. This is the first of several final deadlines faced by the SEC for spot bitcoin ETF applications.”
The other consequences of spot ETFs on bitcoin: crypto investment inflows on the rise
According to recent data from CoinShares, inflows into cryptocurrency investment products rose last week to levels not seen since July 2022.
Again, the surge comes amid growing optimism that the SEC will finally approve a spot ETF on Bitcoin.
Specifically, total inflows reached $326 million, the highest weekly amount in 15 months. In addition, bitcoin products accounted for 90 percent of inflows at $295 million.
James Butterfill, Head of Research at CoinShares, attributed the momentum in part to improved sentiment around the launch of the bitcoin ETF, stating:
“While positive for Bitcoin, this weekly inflow is only the 21st largest on record, suggesting continued moderation among investors.”
As we know, several asset managers, such as BlackRock, have recently amended their documents on bitcoin ETFs, likely indicating ongoing discussions with the SEC, experts say.
Total assets under management in crypto products now stand at $37.8 billion, the highest since May 2022.
This is the fifth consecutive week of net inflows, signalling renewed investor appetite.
Notably, Canada and Germany saw the largest domestic inflows, with $134 million and $82 million respectively.
Only 12 percent came from the US, “supposedly as investors wait for the spot ETF”, Butterfill said.
The SEC has until 10 January to approve or reject applications for spot bitcoin ETFs from Ark Invest, 21Shares and others.
Many predict that the long-awaited first approval could trigger an influx of investment. For now, there is optimism that 2023 could finally bring a spot bitcoin ETF to the US markets.
Bitcoin is in bull market territory: Michaël van de Poppe’s comments
Recently, widely followed crypto analyst Michaël van de Poppe stated that bitcoin (BTC) has officially entered bullish market territory and is now poised for a rally towards $50,000.
Specifically, Michaël van de Poppe stated on Social X that “Bitcoin’s bull market is here”.
Van de Poppe predicts that Bitcoin will reach $50,000 in the coming months, before experiencing a pullback and hitting a new all-time high (ATH).
“I think we will see Bitcoin reach resistance at $38,000, but will most likely continue towards $45,000-50,000 before the halving. Afterwards, consolidation and lateral action for a long period before starting to reach new ATHs.”
Furthermore, the analyst seems to be predicting that bitcoin will reach $50,000 in January 2024, a few months before the BTC halving event.
Remember that halving, which historically coincides with bitcoin’s bullish runs, halves the rewards for BTC miners and is scheduled for April 2024.
For now, Van de Poppe believes that bitcoin is in the midst of a consolidation period and that a drop below $33,000 is still on the table.
“Bitcoin is technically building a range here. Slight correction towards $33,300 and quickly bought back. If the lower limits are reached, sentiment would likely turn bearish ($32,800), but this would signal a great long opportunity.”
