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Over the years, the suppressed demand for Bitcoin (BTC) exchange-traded funds (ETFs) continues to drive intense activity in this top cryptocurrency, with this new investment tool experiencing its strongest day yet.
BlackRock, the world's largest asset management company, is leading the charge. In just one day, its iShares Bitcoin Trust received a capital inflow of $493 million, currently managing assets worth $5.1 billion.
Meanwhile, Grayscale's GBTC holds the most cash, exceeding $22.9 billion. The fund previously operated like a closed-end fund, holding a significant amount of cryptocurrency. However, in January, it converted into an ETF, providing greater flexibility for users to redeem shares.
BitMex Research shows that a total of $631 million flowed into these ten investment tools yesterday.
The influx of cash into crypto funds resulted in a rise in the price of Bitcoin. On Monday, Bitcoin easily surpassed the $50,000 mark for the first time in two years. According to CoinGecko, the current trading price of BTC is $51,622 per coin.
After a decade of rejection of these products, the U.S. Securities and Exchange Commission finally approved ten physically-backed BTC ETFs on January 10.
At the same time, investors seem to be losing interest in gold—at least among ETF followers. Bloomberg ETF analyst Eric Balchunas tweeted that investors are withdrawing funds from gold ETFs.
Such tools allow experienced traditional investors to access cryptocurrencies: funds hold digital assets, and people can buy stocks that track the basic price of BTC without worrying about where to store it. |
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Post time 29-2-2024 20:40:55