Bitcoin Goes Above $47,000 Amidst ETF Developments

Bitcoin (BTC) has reclaimed the $47,000 mark for the first time since March 2022. This surge follows the submission of finalized updates for S-1 forms by multiple Bitcoin ETF applicants to the Securities and Exchange Commission (SEC).

Bitcoin Records a 6.63% Daily Gain and Over 10% Since January 1

As of the latest update, Bitcoin exhibits a 6.63% increase in its daily value and has surged over 10% since the beginning of the year. The current trading price stands at $47,130.

Coinglass reports that over the past 24 hours, the cryptocurrency market has witnessed liquidations exceeding $136 million in shorts. Notably, 124,000 traders were affected, with the largest single liquidation recorded in a BTC-USDT swap on OKX, amounting to $9.36 million.

Bitcoin ETF Applicants Revise Fees, Defying Analyst Expectations

Several Bitcoin ETF applicants, including industry giant BlackRock, have disclosed new and updated management fees for their products. Surprisingly, these fees range between 0.2% and 0.3%, falling below the expectations of industry analysts.

CoinMetrics co-founder Nic Carter expressed his views on the fee reductions, stating, “ETF issuers lowering their fees to absolute bargain basement levels implies massive expectations on their part around AUM.” This perspective suggests that the issuers anticipate significant growth in Assets Under Management (AUM).

The last time Bitcoin surpassed $47,000 was attributed to Terraform Labs, a stablecoin issuer that accumulated a substantial amount of BTC in early 2022. However, this accumulation was later liquidated when the issuer faced financial challenges. This recent surge in Bitcoin’s value, coupled with developments in the ETF landscape, continues to fuel discussions and speculation within the cryptocurrency community.