June 23 (Cointime) - Bitcoin is on track for its strongest weekly close since March, with several major financial institutions applying for a spot Bitcoin ETF. BlackRock's application has caused excitement in the crypto market, with analysts predicting it could reduce barriers for financial advisers to offer exposure to Bitcoin.

ARK Invest CEO Cathie Wood is optimistic about Bitcoin's potential to outperform in a deflationary environment due to its ability to address counterparty risk. The recent Bitcoin options expiry saw bears caught off-guard as the price surged by 10% in just two days, resulting in a net advantage for buyers in the $29,000 to $31,000 price range.