Bitcoin News Today: Kazakhstan Launches First Bitcoin ETF as BTC Aims for $130,000 Breakout

Kazakhstan has launched its first spot Bitcoin ETF, marking a significant milestone for the Central Asian market. The Fonte Bitcoin ETF (BETF), listed on the Astana International Exchange, is physically backed by Bitcoin and managed by Fonte Capital. The fund’s assets are secured through cold storage custodied by BitGo Trust, a U.S.-regulated entity known for supporting major ETF issuers in the United States. This development provides regulated access to Bitcoin for both retail and institutional investors in the region, a first for Central Asia [1].

The timing of the ETF’s launch coincides with a notable surge in Bitcoin’s price action. BTC has recently broken above a descending price channel that had been capping its movements since mid-July. On the 4-hour chart, the breakout is supported by a series of higher lows and a sustained move above the 50-period simple moving average at $117,774. The RSI stands at 68.31, nearing overbought territory, while the MACD shows widening bullish momentum. The price chart resembles a bullish flag pattern, suggesting a potential consolidation phase below $123,236 could precede a further upward move [2].

Analysts note that a confirmed breakout above $123,236 could set the stage for Bitcoin to reach $126,242, with $130,000 as the next key psychological target. Traders are monitoring the $123,236 level as a potential entry point, with stop-loss levels near $121,500 or a pullback to $117,774 as lower-risk alternatives. The technical setup appears favorable, especially if institutional accumulation continues and supply remains constrained by long-term holders [3].

Meanwhile, institutional interest in Bitcoin is also growing through indirect exposure. Norway’s sovereign wealth fund, the largest globally, has increased its indirect Bitcoin exposure by 192% over the past year, now holding 7,161 Bitcoin through equity stakes in companies like Coinbase, Metaplanet, and Strategy. This approach mirrors strategies employed by other sovereign funds, including those in Wisconsin and Kazakhstan, amid ongoing restrictions on direct crypto holdings [4].

Kazakhstan’s new ETF, along with broader institutional interest and favorable technical indicators, is seen as a catalyst for Bitcoin’s next potential move toward $130,000. The country’s status as a top Bitcoin mining hub further enhances the significance of the ETF’s launch, as it could attract both domestic and international capital. This development reflects a broader trend of emerging markets embracing regulated cryptocurrency investment vehicles [5].

In parallel, new projects are attempting to expand Bitcoin’s utility. One such initiative is Bitcoin Hyper ($HYPER), a Bitcoin-native Layer 2 solution built on the Solana Virtual Machine. The project combines Bitcoin’s security with Solana’s speed and scalability, enabling fast and low-cost smart contracts and decentralized applications. The presale for HYPER tokens has already raised over $9 million, with tokens available at $0.012675 [6].

Source: [1] Cryptonews (https://cryptonews.com/news/bitcoin-price-prediction-kazakhstans-first-bitcoin-etf-launches-as-btc-targets-130k-breakout/)