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Bitcoin price hovers near $35K as ETH, APT, QNT and RUNE turn bullish

Bitcoin price hovers near $35K as ETH, APT, QNT and RUNE turn bullish


The United States Securities and Exchange Commission’s potential approval of a Bitcoin (BTC) exchange-traded fund (ETF) has caused Bitcoin’s price to increase by 27% in October. This has attracted aggressive buying by crypto investors. The first futures-based ETF to receive regulatory consent in the U.S., ProShares Bitcoin Strategy ETF (BITO), saw its second biggest trading week ever with $1.7 billion. Similarly, Grayscale Bitcoin Trust (GBTC) recorded a volume of $800 million. The increase in volume in these existing instruments indicates that spot Bitcoin ETFs are likely to see significant volumes when they are approved.