Bitcoin and Coinbase [COIN] shares got a new lease on life after trading behemoth Cboe filed amendments for five proposed spot BTC ETFs to enter into surveillance-sharing arrangements with the exchange. According to the July 11 filings made with the SEC, the agreement was finalized for each of these applications on June 21.
The amendments submitted for Cboe’s five ETF applications are Wise Origin, WisdomTree, VanEck, Invesco Galaxy, and ARK 21Shares. Data from TradingView showed that COIN increased by over 11%, and shares were still up 10% to $90 at 1:11 p.m. in New York. Coinbase’s stock is also up around 133% over the past six months, while year-to-year growth is roughly 50%.
On the other hand, Bitcoin is currently trading at $30,641, showing a marginal profit of less than 0.5% on the daily time frame. BTC is anticipated to rise as a result of a slowing in the Consumer Price Index [CPI] on July 12. Despite failing to surpass the $31,000 threshold, a 3% inflation rate might give the asset a push in the upward direction.
While this is happening, the dominant crypto has recently made waves, garnering a lot of attention and luring many users. Glassnode, a well-known data source, discovered a noticeable increase in new addresses on the Bitcoin network. This increase was particularly noteworthy because it had not been seen since April.
Bitcoin Sees A Rise In New Addresses
So far, roughly 551k new addresses have been registered, a remarkable increase from the 340k recorded on July 2. This surge in new addresses indicates robust growth within the network and opens up the possibility of further price spikes for BTC.
The unexpected inflow of new addresses has an impact on both the demand for and price of Bitcoin; it is more than simply a simple numerical rise. The demand for BTC may increase considerably as more users join the network, thus affecting its overall value.
Additionally, Bitcoin continued to pique investors’ interest, with massive inflows totaling $133 million over the past week, according to the latest edition of the CoinShares Digital Asset Fund Flows Weekly Report.