As a seasoned crypto investor with a few years under my belt, I’ve seen the market ebb and flow with various trends. The recent inflows into Bitcoin ETFs are an exciting development for the space, but I remain cautious and pragmatic.
On Wednesday, a total of $101 flowed into Bitcoin exchange-traded funds (ETFs), based on the latest available data.
As a researcher examining the latest data on Bitcoin investment funds, I can report that the Fidelity Wise Origin Bitcoin Fund (FBTC) has taken the lead with an impressive $50.6 million inflow.
The iShares Bitcoin Trust (IBIT) from BlackRock and the Bitwise Bitcoin ETF (BITB) have the second and third largest inflows at approximately $15.6 million and $14.5 million respectively.
I’ve closely monitored the Bitcoin market these past few days, and according to U.Today’s report, a significant correction took place earlier in the week following the end of Bitcoin ETFs’ 19-day inflow streak. Consequently, my Bitcoin holdings saw a decrease in value, with the price dipping as low as $66,011 on Bitstamp exchange on Tuesday.
On Wednesday, Bitcoin experienced a significant rise following the release of the latest US consumer price index (CPI) report, indicating that inflation was easing. However, the majority of these gains were wiped out later in the day as the Federal Reserve announced plans for only one interest rate reduction and Chair Jerome Powell emphasized the need to reinforce faith in inflation numbers before contemplating any easing of monetary policy.
According to U.Today’s report, I, as a crypto investor, should be wary of relying on Bitcoin ETFs for salvation if I’m a gold bug like Peter Schiff, because the buyers of this digital asset may eventually turn into sellers.
Michael Allegue, an investment officer at MassMutual, shared with CNBC that institutional investors investing in Bitcoin ETFs won’t adopt a long-term, unyielding stance towards their holdings because of the need to periodically adjust their portfolios.
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2024-06-13 11:45