(Bloomberg) — A Bitcoin rally fueled by optimism about fresh demand from exchange-traded funds may have further to run if history is any guide.
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The largest digital asset posted a 9.8% jump in the seven days through Sunday — the biggest weekly advance since June — as traders bet on the possible approval in coming weeks of the first US ETFs investing directly in the token.
In the past five years, weekly gains of at least that magnitude presaged a 10% average Bitcoin climb over the subsequent month, data compiled by Bloomberg show. The token rose nearly 4% to hit a peak of $30,977 as of 9:50 a.m. Monday in London.
Asset managers BlackRock Inc. and Fidelity Investments are among the fund firms in the race to offer a spot Bitcoin ETF in the US. Some argue these funds will bring new inflows into the highest-profile cryptocurrency.
“The drums seem to be beating…
