Bitcoin Briefly Hits New All-Time Highs Amid Ethereum ETF Rumours

By Aaron Feuerstein March 11, 2024 In Bitcoin, ETF, Ethereum
  • Bitcoin momentarily surpassed the $70k mark, setting a new all-time high, but has since corrected.
  • The BlackRock iShares Spot Bitcoin ETF (IBIT) now reportedly holds more Bitcoin than MicroStrategy.
  • Rumours concerning Spot Ethereum ETFs point to one-sided meetings, SEC staff’s lack of engagement, and opposition from anti-crypto politicians.

It has finally happened: the moment is here. Over the weekend, Bitcoin briefly broke through the USD $70k barrier and registered a new all-time high at USD $70,005.20 (AUD $105,815.97) or USD $70,008.55 (AUD $105,821.03) depending on whether you believe data from CMC or CoinGecko.

Related: These Altcoins Soar as Markets Cool Off

Either way, a new all-time high it was. However, since then BTC has corrected by roughly 3.5% and currently trades for USD $68,440 (AUD $103,463).

Bitcoin (BTC), 1-day graph, source: CoinMarketCap


More Records Crushed Amid ETF Frenzy

Meanwhile it looks like another record has been shattered. According to analytics, BlackRock iShares Spot Bitcoin ETF IBIT now holds more Bitcoin than Michael Saylor’s MicroStrategy (MSTR).

Going by data from the last trading day, which is last Friday, IBIT is said to hold 195,985 Bitcoin after another massive trading day.

On the other hand, Saylor made announcements last week that MSTR would be soon buying Bitcoin to the tune of USD $700 million (AUD $1.058 billion).

In addition, outflows from Grayscale’s GBTC into the nine means they now hold more Bitcoin than GBTC.

Eric Balchunas, Senior ETF Analyst for Bloomberg, commented on the speed of this development, saying while it was eventually going to happen, the speed is really astonishing and not expected to happen in eight weeks.

It seems like they’ve been on the market for six months. As I told Laura Shin, I feel like the ETFs have gotten sucked into crypto time (a la that one planet in Interstellar).

Eric Balchunas

Spot Ethereum ETF Rumours Turn Heads

Meanwhile the market is still waiting for a decision regarding the Spot Ethereum ETFs.

Fox Business reporter Eleanor Terrett stated there is diminishing optimism for the US Securities and Exchange Commission (SEC) to approve these ETFs by May 23rd.

She noted that recent meetings have been predominantly one-sided, with issuers and custodians attempting to engage SEC staff—who have not been as responsive as they were with Bitcoin spot ETF applications.

Terrett suggests this lack of engagement may be due to SEC Chair Gary Gensler believing the approval of Bitcoin spot ETFs already satisfies industry demands.

I’m told that Gary Gensler believes he already placated the industry with the approval of the BTC spot ETFs.

Eleanor Terrett

Related: ‘Rich Dad, Poor Dad’ Author: Don’t Wait to Invest in Bitcoin

Additionally, she highlights opposition from anti-crypto politicians like Senator Elizabeth Warren, who are displeased with the SEC’s approval of Bitcoin ETFs and are against a similar approval for Ethereum. 

An anonymous source indicated to Terrett the difficulty in assessing SEC staff’s stance but mentioned the necessity for them to commence work promptly if there is any hope for approval.

Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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