Investors are again putting cash into Bitcoin exchange-traded funds (ETFs) after a cool off last week. On Thursday, for the third consecutive day in a row, more than $100 million entered the popular new funds, data from BitMEX Research shows.
The week got off to a slow start with only $1 million entering the funds on Monday. But things quickly picked up the next day with inflows of $418 million, BitMEX reports. Wednesday brought $243.4 million in inflows, and another $183 million was invested yesterday.
U.S. markets are closed today for the Good Friday holiday.
Last week, all the funds experienced outflows thanks to “investor hesitancy” following a dip in crypto prices. That reticence may have subsided.
The most popular product remains BlackRock’s iShares Bitcoin Trust (IBIT), which has the most assets under management of the nine funds, experiencing inflows of $17.7 billion.
IBIT has been so popular that BlackRock CEO Larry Fink said in a Wednesday interview with Fox Business that he “would never have predicted” it would do so well with retail investors.
The Securities and Exchange Commission (SEC) in January gave the green light to 11 Bitcoin ETFs after a decade of saying no to the products. The funds allow investors to buy shares that track the underlying price of the biggest cryptocurrency by market cap.
Despite one of the funds, Grayscale’s GBTC, experiencing massive outflows as bankrupt crypto companies redeem shares and investors move to funds with lower fees, the other ETFs are experiencing huge inflows.
As a result, Bitcoin has increased significantly since the approval of the ETFs on January 11: the asset is up nearly 50%.
Bitcoin’s price currently stands at $69,618 per coin, according to CoinGecko.
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