Bitcoin bounces back over $110,000 as UK bitcoin ETFs launch
Last week, bitcoin ETFs in the US recorded over $1.2 billion in outflows, but this week things are looking up, with the UK launching its first spot bitcoin ETFs.
Bitcoin is starting the week around $111,000, up roughly 3% in the past 24 hours, following a slew of new spot bitcoin funds launched in the UK on Monday, including BlackRock’s Bitcoin Trust, which is listing on the London Stock Exchange as IB1T.
The move follows the UK’s Financial Conduct Authority’s lift of its four-year ban on retail crypto products earlier this month. Other firms that launched their spot bitcoin funds in the UK on Monday include Bitwise, which said it was lowering its fees, as well as 21Shares and WisdomTree.
US-based spot bitcoin ETFs, meanwhile, registered $1.2 billion in outflows last week, according to SoSoValue, the second-largest weekly outflows since their inception.
David Siemer, CEO of Wave Digital Assets, told Sherwood News he remains cautiously optimistic for bitcoin’s recovery in Q4.
“If we get relief on trade policy, more regulatory clarity, and signs the Fed may pivot, those catalysts could help stabilize the market and restore confidence. But any sustained recovery will require cleaned-out leverage, fresh capital inflows, and macro tailwinds lining up,” he said.
In other bitcoin news:
Strategy acquired 168 bitcoin for $18.8 million. It now holds 640,418 bitcoin, acquired for $47.4 billion.
A solo miner mined an entire bitcoin block, worth $347,000.
Bitcoin’s hash rate — the computing power used by a blockchain — hit an all-time high of 1,161 EH/s (exahashes per second), per TFTC.
