Bitcoin ETFs attract over $1 billion in ten days!
It seems that investors are still interested in Bitcoin exchange-traded funds (ETFs). This trend is evident from the recent capital inflow into these funds. The latter is especially noteworthy because it occurs in spite of the recent drop in the price of Bitcoin.
Recently, there have been notable inflows into Bitcoin ETFs in the United States. This ongoing interest shows that investors still have faith in Bitcoin ETFs as a viable investment option, even in the face of market volatility.
Leading the inflows was the BlackRock IBIT ETF, which saw a $102.67 million net inflow in a single day. Its net assets now amount $20.67 billion after this inflow. On the other hand, the Grayscale GBTC ETF experienced a $22.54 million net outflow, bringing its net assets down to $17.26 billion.
Results for other Bitcoin ETFs were inconsistent. Every day, $2.78 million was deposited into the Fidelity FBTC fund, increasing its total net assets to $9.82 billion. Meanwhile, inflows of $1.8 million were made into Vaneck's ETF. But there were no appreciable inflows into the ETFs from Bitwise, Valkyrie, Invesco, WisdomTree, or HashDex.
The total amount of money invested in ETFs during the last ten days has exceeded $1 billion. Even though prices have dropped to a four-month low, the pattern indicates that asset managers like Ark Invest and Bitwise are once again optimistic.
This investment accumulation was done at prices that many people thought were undervalued. Actually, almost $54,000 worth of purchases were made in bulk. At the moment, the price of bitcoin is approaching $63,824.
Experts like Michael van de Poppe of MN Capital believe bitcoin has a promising future. He thinks that if institutions keep coming in, the price might reach $100,000. Many investors, who consider the current price to be a great buying opportunity, hold this opinion.
The landscape of Bitcoin ETFs reflects the intricacy and quick development of the cryptocurrency sector. Some see a bubble waiting to pop, while others predict a record high in values. Both Bitcoin and ETFs have an unclear future. Still, persistent investor interest might portend a new phase for digital assets. It remains to be seen if this passion will transform the current crisis into a long-lasting revolution in cryptocurrency investing.