Bitcoin prices hovered to all-time highs on Wednesday driven by optimism surrounding the launch of the world’s first futures exchange-traded fund, Markets Insider reported.

  • Bitcoin hit an overnight high of $64,500, its highest level since late April, before falling slightly with the digital token down 0.35% to $64,080 at 5:11 a.m. ET.
  • The surge comes a day after ProShares’ Bitcoin Strategy ETF started trading on Tuesday, marking the first BItcoin futures ETF to score the approval of the Securities and Exchange Commission.
  • The Bitcoin futures ETF recorded over 24 million shares traded in its first day of trading, becoming the second-most traded fund launch in history with over $1 billion in turnover.
  • Bitcoin has gained some 50% in a month, with analysts predicting that the coin could surge to as high as $168,000 by the end of the year, still on the optimism surrounding the ETF.

Traders believe the ETF will push Bitcoin prices higher moving forward. BITO is up 8.20%, while BTC is up 5.89%.