Bitcoin ($BTC ) surged to near $68,400 on Wednesday, its highest level since July. The surge has fueled a rally across the crypto space, with Bitcoin up more than 9% in the past week, while Ether has gained about 7%.

Other popular coins, such as $SOL Solana and $DOGE Dogecoin, have also seen significant gains, with gains of 10% and 15% respectively in the past seven days.

The impact of Bitcoin's price increase has spread to stocks related to crypto assets. One example is the shares of digital asset exchanges Binance and Coinbase, which rose nearly 7% on Wednesday (10/16), continuing a three-day rally with a total increase of 19%. Coinbase shares are currently at their highest level since August 2024.

In addition, Bitcoin miner stocks such as Marathon Digital and Riot Platforms also showed positive movements. Marathon Digital's stock price rose 3.54%, while Riot Platforms increased by 3.53%. This increase shows that the crypto rally also has an impact on the supporting industry sector.

One of the main factors driving Bitcoin's 53% rise so far this year has been the increased inflow of money into spot Bitcoin exchange-traded funds (ETFs).

The investment instrument has been warmly welcomed by institutional investors since its launch in January. The Ether ETF followed in July, adding to the crypto investment options for institutional investors.

In the past three days, investors have bought $1.2 billion (Rp 18.66 trillion) worth of ETF shares. This brings the total investor holdings in crypto ETFs to over $63 billion (Rp 979.87 trillion). One of the biggest contributors is BlackRock's iShares Bitcoin Trust (IBIT), which accounts for over 30% of new purchases in the sector.

According to Samara Cohen, Chief Investment Officer of ETFs and Index Investing at BlackRock, the vast majority of IBIT buyers were direct investors, with 75% of them having never owned a BlackRock ETF before. This shows strong interest from new investors in crypto-based investment products.

Cohen also explained that while BlackRock initially planned to educate ETF investors about crypto, it turned out that many crypto investors needed further education on the benefits of exchange traded product (ETP)-based products.


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