The BTC Rally Isn’t Over As Valkyrie Will Launch the Second U.S Bitcoin ETF on Friday
On Wednesday, October 20, the Bitcoin (BTC) price rallied all the way past $67,000 hitting a new all-time high while entering the price discovery zone. Bitcoin has retraced partially from these highs and is currently trading at $65,090 with a market cap of $1.226 trillion.
However, it seems that the Bitcoin rally isn’t over anytime soon. After a strong response to the ProShares Bitcoin Strategy ETF launched earlier on Tuesday, Valkyrie is all set to bring the second U.S. Bitcoin Futures ETF ahead this week on Friday. Speaking to Bloomberg, a spokesperson from Valkyrie said:
The Valkyrie Bitcoin Strategy fund will begin trading on the Nasdaq exchange on Friday, a spokesperson for the company said. The firm planned to trade under the ticker BTFD, but changed back to the originally planned BTF.
The ProShares Bitcoin ETF (BITO) witnessed string trading volumes on the first day recording a turnover of $1 billion. This also made it the second-highest ETF fund launch in the history of the markets.
If Valkyrie manages to replicate the performance from ProShares, we could possibly see Bitcoin crossing $70,000 and more.
Bitcoin On-Chain Metrics Fueling the Rally
The on-chain metrics for the Bitcoin blockchain have played a crucial role in this new all-time high. On-chain data provider Santiment notes that the recent BTC price rally comes on the backdrop of rising BTC circulation and address activity.
🥳 #Bitcoin has hit a new #AllTimeHigh of $66,952, making history for the first time since the last #ATH on April 14th. Sentiment is predictably rising, and important metrics like rising circulation and address activity played a big role in this milestone. https://t.co/UVoC1JMCEv pic.twitter.com/Yjr0nDY6Pv— Santiment (@santimentfeed) October 20, 2021
On the other hand, the long-term holders (LTH) of Bitcoin have been rewarded well once again. As Glassnode notes, LTHs have been realizing profits to the tune of 300%. The data provider notes:
As the Bitcoin market consolidates below all-time-highs, Long-Term Holders are able to realise larger profit multiples. The current spending pattern in the LTH-SOPR metric indicates they are realising 300% profits on aggregate. This compares to 800% last time $BTC was at $64k.