ETFs are the driving force behind Bitcoin's growth

Bitcoin continues to rise and is currently trading at record highs against major currencies such as the euro, pound, Australian, Canadian and New Zealand dollars, and the Japanese yen.

Against the US dollar, the price of bitcoin is currently $66, or just 700%. from record levels. If the price continues on its current trajectory, it is possible that we could see $4 within a week and a new all-time high against the US dollar.

They remain the driving force behind price movement Bitcoin ETFs spot companies that continue to purchase bitcoin in significant quantities. The daily volume purchased is currently 10 times greater than the daily issuance of new bitcoins that enters circulation from mining block rewards. Demand quickly exceeds supply.

In addition, on-chain metrics that measure exchange reserves, i.e. the total number of bitcoins held on cryptocurrency exchanges, continue to decline, including by 0,25%. in the last seven days. A declining exchange reserve is generally seen as positive for bitcoin prices as it indicates potentially lower selling pressure.

Other major cryptocurrencies also benefited from the typical bull market sentiment. Ethereum is back above $3500 - its highest price since January 2022, and Solana has reached $135 - its highest price since March 2022.

NFP data in the spotlight of the week

As the new month begins, attention will focus on Friday's release of the latest non-farm payrolls data. NFP reports Non-farm payrolls), which shows the change in the number of employed people in the United States in the previous month excluding the agricultural industry, is considered a leading indicator of overall economic activity.

The U.S. economy is quite resilient, and stronger-than-expected nonfarm payrolls may give the Federal Reserve a reason to keep interest rates higher for longer.

While the cryptocurrency market is currently driven primarily by spot bitcoin ETFs, any increased likelihood or perception of the Fed maintaining higher interest rates for an extended period of time could cause cryptocurrency prices, as well as stock markets, to pull back.

PEPE coin gained over 330% in a week

Meme tokens were the most lively last week, and a PEPPER (Pepecoin) gained over 330%. The daily trading volume of this frog-themed coin reached a record high of $3,6 billion.

DOGE (Dogecoin) and SHIB (Shiba-inu) also had a good week, gaining 80% respectively. and 130 percent

Movements in the meme coins market reflect the positive sentiment currently prevailing in the cryptocurrency markets. Investors may move away from larger-cap cryptocurrencies in favor of coins or tokens that are generally considered more speculative.

IBIT was the fastest to cross $10 billion

IBIT BlackRock surpassed $10 billion in assets, becoming the fastest bitcoin ETF fund, who has reached this milestone. Only 152 ETFs (out of 3400) have over $10 billion under management, so achieving this in just 7 weeks is impressive.

Wells Fargo and Bank of America's Merrill now offer spot bitcoin ETFs

Bank of America's Merrill arm and Wells Fargo's brokerage unit are now offering their wealth management clients access to bitcoin spot ETFs, Bloomberg reports, underscoring a growing trend of investors looking to gain exposure to bitcoin.

Carson Group, which manages $30 billion in assets, also announced last week that it had started offering four of its 11 spot ETFs on its platform. Additionally, Morgan Stanley is also deciding whether to add spot bitcoin ETFs to its brokerage platform, according to Yahoo Finance.