Bitcoin Price Reaches a 16-month High of $35,000 as BlackRock Bitcoin Spot ETF Prepares for Debut.

The Bitcoin price spiked to a 16-month high on Monday as institutional giant BlackRock made concrete steps to prepare for its Bitcoin spot exchange-traded fund (ETF).

Bitcoin rose more than 11% in a 24-hour span, surging from around $30,000 to a peak of $34,942 by late Monday night, according to CoinMarketCap. The spike came almost immediately after news of an official listing for BlackRock’s iShares Bitcoin Trust is listed on the Depository Trust and Clearing Corporation’s website under the ticker “$IBTC.”

According to Eric Balchunas, senior ETF analyst at Bloomberg, such a listing is part of bringing an ETF to market.

BlackRock also announced this month that it will begin seeding the proposed ETF. This procedure offers initial capital to acquire the underlying Bitcoin for the ETF in exchange for shares that may be sold upon debut.

The Securities and Exchange Commission (SEC) is still reviewing BlackRock’s proposed Bitcoin Spot ETF, as are comparable proposals from institutional behemoths like Fidelity and ARK Invest. However, BlackRock appears to be creating the greatest market excitement as the world’s largest asset manager with billions of dollars in assets under management.

Following a false claim last week that the spot Bitcoin Spot ETF had been authorized, the Bitcoin price surged to local highs, prompting more than $100 million in liquidations. Crypto researchers and industry insiders predict that this institutional adoption of Bitcoin will bring in up to $200 billion, propelling the price to new all-time highs.

Early BlackRock bitcoin trust investor Anthony Scaramucci told TheStreetCrypto that an army of people, salespeople, financial consultants, financial advisors, and private bankers will have digital assets as part of their long-term tactical capital allocation portfolios.