Bitcoin extended its rally on Friday, reaching a high of $61,749 and moving to within roughly 5.3% of its previous all-time high of $64,804 set on April 14. The move capped a strong first half of October, with the leading cryptocurrency reclaiming the $60,000 level for the first time in nearly six months and reviving expectations of a fresh record.
Market value and trading activity remain strong
At the time cited in the report, bitcoin’s market capitalization stood at about $1.15 trillion, making it the world’s eighth-most valuable asset. Bitcoin’s market dominance rose to 44.57%, while ethereum’s share was reported at 17.6%. Out of roughly $156 billion in global crypto trading volume, bitcoin accounted for $46.5 billion.
Trading data also showed that USDT represented the largest share of bitcoin trading pairs at 55.9%, followed by the U.S. dollar at 16.28%, BUSD at 5.44%, the Japanese yen at 4.12%, the euro at 3.77%, and the Korean won at 2.72%. The figures underline the continued importance of stablecoins in supporting bitcoin liquidity.
ETF expectations seen as a major catalyst
Analysts cited in the report said the latest price spike appears closely tied to expectations that U.S. regulators may approve a bitcoin exchange-traded fund. Simon Peters, a crypto asset analyst at eToro, said bitcoin’s return above $60,000 followed a week of building momentum and growing confidence that a futures-based bitcoin ETF could soon receive regulatory approval in the United States.
Peters added that ETF optimism is not the only factor behind the move. He pointed to weeks of positive institutional net inflows, an ongoing shift of bitcoin from short-term holders to long-term holders, and the resulting supply squeeze as signs that a breakout had been building for some time.
Approval rumors intensify market optimism
Mikkel Morch, executive director and head of risk management at digital asset hedge fund ARK36, also said the rally was clearly linked to rumors that the U.S. Securities and Exchange Commission could move ahead with approval of the country’s first bitcoin ETF. In his view, contenders such as Valkyrie and Vaneck could receive approval in the coming days, ahead of key SEC deadlines in November.
The report also noted that Valkyrie Investments had updated its futures-backed ETF prospectus under the ticker BTF. Separately, market chatter suggested the ProShares Bitcoin Strategy ETF could launch under the ticker BITO. Together, these developments helped strengthen investor expectations that a U.S. bitcoin ETF launch was approaching, adding fuel to bitcoin’s advance toward its record peak.