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According to data released by Brazil’s central bank on October 14, Brazilians have purchased more than $4 billion worth of cryptocurrencies since January this year. May had the highest monthly total of $756 million. According to Bruno Serra, head of monetary policy at Brazil’s central bank, Brazilians may have invested more than $8 billion in cryptocurrencies, three times the amount invested in U.S. stocks. Brazil’s central bank currently understands cryptocurrencies as commodities and therefore it requires registration in external sector statistics. In August, Brazil’s central bank began disclosing individual cryptocurrency transactions between domestic and foreign countries in its balance of payments accounts.
ProShares’ Bitcoin futures ETF is set to debut on the New York Stock Exchange. However, Bitcoin ETFs also face stiff competition. In October, the SEC received 12 applications for ETFs based on Bitcoin futures. According to media reports, four companies are lining up to advance their Bitcoin ETFs. A yet-to-be-launched ETF based on Bitcoin futures could attract more than $50 billion in inflows in its first year, according to Tom Lee, a prominent Bitcoin bull. Bitcoin price is still above $62,000. If BTC consolidates for multiple days in the $60,000-65000 range, it will further arise bullish sentiment.