Bitcoin surged 10% on Monday, October 24, to an intraday high of $34,375.6 or Rs 28,42,793, the highest since May 2022, over speculation surrounding a bitcoin exchange-traded fund (ETF). 

The anticipation has increased since several news reports this month about the regulator, the US Securities and Exchange Commission (SEC), not appealing a ruling that rejecting an ETF application from Grayscale Investments was wrong. 

A spot bitcoin exchange-traded fund (ETF) is expected to drive inflows into the crypto space as it would allow investors to participate without direct trading exposure.

Ether, another cryptocurrency, also hiked 6% to a two-month high levels of $1,800. Furthermore, Crypto-linked shares such as Coinbase Global or bitcoin owner MicroStrategy gained in the after-hours trade. 

Companies like BlackRock, Fidelity, WisdomTree, and Invesco have bitcoin ETF applications pending with the SEC, which are expected to happen in the next three months or sooner. 

The speculation was further fueled by BlacRock’s iShares ETF getting listed on the website of clearing house Depository Trust & Clearing Corporation (DTCC). Both parties have yet to respond to requests for any comment on the matter.