[NEWS] Bitcoin exceeds 10 million yen in Japanese yen for the first time in history

Bitcoin (BTC) broke the 10 million yen mark for the first time in history on the 5th in yen terms, reaching a record high.

The price of Bitcoin briefly approached its all-time high of $69,000 (approximately 10.38 million yen) in dollar terms, but then fell back and is currently at the $67,500 level at the time of writing. The all-time high is still within reach.

The reason Bitcoin continues to reach new highs is the growing demand for Bitcoin spot ETFs, which were approved in January. By investing in Bitcoin spot ETFs, investors can gain exposure to Bitcoin without directly holding Bitcoin.

Several analysts point out that the emergence of ETFs that allow investors to invest in crypto assets in a less risky way than before could lead to even larger inflows of funds, mainly from institutional investors.

Joel Kruger, a market strategist at market maker LMAX Group, told CBS Moneywatch, "Investors are starting to pay attention to the fact that Bitcoin can be treated as an uncorrelated asset, making it an attractive product for diversifying portfolios."

Inflows into Bitcoin Spot ETFs Exceed 1 Trillion Yen

Bloomberg reported on the 4th that since the SEC (US Securities and Exchange Commission) approved Bitcoin Spot ETFs, investors have poured about $7.35 billion (about 1.1061 trillion yen) into 11 Bitcoin Spot ETFs.

Bitcoin's price has risen significantly since October last year. In December, it rose to about $41,000 (about 6.17 million yen), the highest in 19 months. These were due to expectations that the SEC would approve Bitcoin Spot ETFs, as well as growing expectations for the Bitcoin halving in April this year and for the Fed (US Federal Reserve Board) to cut interest rates.

Reference:Bloomberg,CBS
Image: Shutterstock

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