Net Inflows into Bitcoin ETFs Approach $3 Billion
On the fourth day after launch, spot Bitcoin (BTC) ETFs received net inflows totaling nearly $3 billion. The data from BitMEX Research reveals that in just four days, 11 Bitcoin spot ETFs (excluding GBTC) attracted $2.9 billion in inflows. Among these ETFs, BlackRock, Fidelity, and Bitwise emerged as the top three service providers, with inflows of $1.085 billion, $884 million, and $375 million respectively.
GBTC Fund Attracts Outflows
In contrast, the GBTC fund experienced outflows of $458 million on the fourth day and a total outflow of $1.6 billion over the four-day period. This information was provided in a separate report.
Rise in Popularity of ETFs
Trading market charts indicate a growing popularity of ETFs since their launch, coinciding with a decrease in cryptocurrency market capitalization and an increase in ETF inflows.
Bitcoin Price Remains Steady
Despite the approval of Bitcoin ETFs by the SEC, the price of BTC has remained relatively stable throughout the week. Currently trading at $42,410 with a slight 0.60% fall in the past 24 hours, Bitcoin has experienced a 10.4% decline over the last week.
Hot Take: Bitcoin ETFs See Strong Inflows Amidst Price Volatility
The launch of Bitcoin spot ETFs has attracted significant investment from various service providers, highlighting the growing demand for cryptocurrency exposure through regulated investment vehicles. While BTC’s price has experienced volatility in recent days, with a slight dip observed within 24 hours and a notable decrease over the week, the inflows into ETFs demonstrate investor confidence in this new market opportunity. As Bitcoin ETFs continue to gain traction, it will be interesting to see how they shape the future of cryptocurrency investment and influence market dynamics.
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