As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous trends and shifts that have reshaped industries. The recent surge of inflows into Bitcoin exchange-traded funds (ETFs) is undeniably an intriguing development in the cryptocurrency landscape.
This week has seen Bitcoin exchange-traded funds (ETFs) experience significant growth, attracting over $235 million in investments starting from October.
In the recent inflow race, Fidelity’s FBTC took the lead with approximately $104 million, closely followed by BlackRock’s IBIT with around $98 million.
According to U.Today’s report, Bitcoin’s value surpassed $64,000 again on Monday. But since then, it has slightly reduced its advance.
Throughout the year so far, Bitcoin Exchange-Traded Funds (ETFs) have become a significant driving force behind market optimism. These ETFs are closely monitored by the cryptocurrency community due to their impact on the market’s momentum.
This month, these products began quite poorly with an outflow of approximately $242 million on October 1st. For the next three days, they continued to see negative inflows.
According to a forecast made by CryptoQuant, an increase in interest for Bitcoin ETFs might significantly boost the value of Bitcoin.
Robbie Mitchnick, who oversees digital assets at BlackRock, has expressed the viewpoint that Bitcoin functions more like a ‘safe haven’ or ‘risk-averse’ asset, contrary to the widespread notion that it generally mirrors stock market trends.
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2024-10-08 09:02