• Bitcoin surged above $31,450 on Friday, its highest since June 2022.
  • BTC price surged to the highest level of the year after the SEC allowed the Volatility Shares 2x Bitcoin Strategy ETF (BITX).
  • It is the first leveraged Bitcoin futures ETF in the US and comes on the heels of this week’s BlackRock-led bullish mood in the cryptocurrency market.

Bitcoin broke through the $31,000 level on Friday afternoon as markets reacted to the latest news about the first leveraged futures Bitcoin Exchange Traded Fund (ETF) on the US market.

The rally pushed the BTC price to a high of $31,458 on crypto exchange Bitstamp, pushing the price of the flagship cryptocurrency to new year-to-date highs and the highest since June 2022. At the time of writing, BTC is up 87% year-to-date over the past 24 hours, trading at $31,170, about 4% higher.

SEC Approves First Leveraged Futures Bitcoin ETF

The US market entered a new chapter in cryptocurrency investing with the launch of the first leveraged Bitcoin futures ETF on Friday, June 23rd.Volatility Shares 2x Bitcoin Strategy ETF, or Bitxwill start trading on Tuesday, June 27, allowing investors to touch Bitcoin with daily returns.

Instead of investing directly in bitcoin, BITX “seeks to profit from the rising price of bitcoin futures contracts,” according to the fund details in its prospectus. It has been submitted with the SEC. The 2x Bitcoin Strategy ETF matches the CME Bitcoin Futures Daily Roll Index.

Bitcoin has been rallying the market for the past week or so on the bullish grounds triggered by the filing of a spot Bitcoin ETF by $9 trillion asset manager BlackRock. BlackRock has a very high ETF application success rate, which is why the market is optimistic.

Analytics platform IntoTheBlock pointed out what a spot ETF could mean for Bitcoin adoption and price.

In fact, the asset manager’s filing paved the way for a flood of spot ETF applications from other Wall Street giants and several global financial institutions. The market is likely to see more big moves from smart money as the BTC price continues its bullish momentum.

By Jules

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