Investors are pouring money in again. Bitcoin Exchange-traded funds (ETFs) have cooled off since last week. More than $100 million flowed into popular new funds for the third day in a row on Thursday, according to data from BitMEX Research. It shows.
The week got off to a slow start with just $1 million entering the fund on Monday. But things picked up quickly the next day, with $418 million in revenue, BitMEX reported. Wednesday brought in $243.4 million, and another $183 million was invested yesterday.
US markets are closed today for the Good Friday holiday.
Last week, all funds were outgoing. Thanks to “Investor Hesitation”. Following a dip in crypto prices. That resurgence may have subsided.
The most popular product remains BlackRock's iShares Bitcoin Trust (IBIT), which has the highest assets under management of its nine funds, experiencing $17.7 billion in inflows.
IBIT is so popular that BlackRock CEO Larry Fink he said. He “never predicted” it would do well with retail investors, he said in an interview with Fox Business on Wednesday.
Securities and Exchange Commission (SEC) in January He gave the green light After a decade of saying no to the products, to 11 Bitcoin ETFs. The funds allow investors to buy stocks that track the cryptocurrency giant's value at market value.
While one of the funds, Greyscale's GBTC, It is experiencing high outflows. As bankrupt crypto companies buy shares and investors move to funds with lower fees, other ETFs are experiencing higher returns.
As a result, Bitcoin increased significantly after the adoption of ETFs on January 11: the asset is about 50%.
The price of Bitcoin It is currently stopped According to CoinGecko at $69,618 per coin.
Edited by Ryan Ozawa.
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