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July 19, 2024
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Bitcoin ETFs Secure 175,000 BTC: Here’s What To Expect Next?

The post Bitcoin ETFs Secure 175,000 BTC: Here’s What To Expect Next? appeared first on Coinpedia Fintech News

The U.S. Spot Bitcoin ETF has been the center of attraction for investors since its inception. In fact, the market believes that ETFs have been the driving force for the bullish BTC rally, which has led its price to $67000. The spot BTC ETFs have accumulated around 175000 Bitcoins since the launch despite Grayscale’s massive outflows. However, the latest data suggests BlackRock’s inflows cooling down this week, raising curiosity among the investors. 

The total inflows since its inception has reached around $9.36 billion. On the 7th of March alone, the ETFs accumulated 7,018.2 BTC. Fidelity’s FBTC has been leading which drew $473.4 million inflow, which was followed by BlackRock’s $244.2 million inflow. While Fidelity continued its momentum, Blackrock showed signs of cooling down.

On the contrary, Grayscale’s GBTC has faced significant outflows of $374.8 million on the same day. Since the launch of spot BTC ETFs, Grayscale’s total outflow has hit $10.25 billion

James Butterfill, CoinShares’ Head of Research, took to twitter expressing as, “US Bitcoin ETF Issuers are not showing any signs of inflows slowing down.” The Bitcoin ETF has heightened the confidence of the investors in the realm of digital assets. Notably, even beyond BTC ETFs, the broader digital asset sector worldwide has seen a remarkable increase in the investments.

James Butterfill also shared some insights, of the total fund flow exceeding a massive $10 billion year-to-date (YTD) in the Digital Asset sector as of March 7. The United States is the key player in this surge, with an inflow of $10.45 billion in 2024 in comparison to $4.64 billion in 2021. This ascending growth highlights the surge in the confidence of investors in digital assets and their potential for long term growth and adoption.

This can also make way for the Ethereum ETFs which are highly anticipating its approval. There has been a bullish trend so far, with the Bitcoin halving nearing.

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