DeFi Devs get real-time Bitcoin ETF data on the Pyth Network
Pit Network, a provider of real-time market data for blockchain applications, announced on February 20th the launch of price feeds for 13 Bitcoin exchange-traded funds (ETFs), making real-time price data of Bitcoin ETFs readily available to developers building decentralized finance. (DeFi) protocols.
The approval of Bitcoin ETFs in the United States in January 2024 was a landmark event for the crypto industry, opening up controlled exposure to Bitcoin (BTC) for mainstream investors who are still hesitant to step into the space with direct ownership.
This latest Pyth Network initiative aims to bridge the gap between traditional finance (TradFi) and DeFi, albeit from the DeFi side, allowing developers to access real-time data on ETFs. Pitt said this also helps the DeFi platform expand portfolio options, improve risk mitigation strategies and improve liquidity by attracting institutional capital on-chain.
“Bitcoin ETFs are a key part of the evolution of crypto markets, institutionalizing demand and liquidity.”
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Paiz said in the announcement that this latest integration will allow the platform to provide more real-time insights into the DeFi ecosystem.
The 13 Bitcoin ETFs available include ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Global X Blockchain & Bitcoin Strategy, Valkyrie Bitcoin Fund, Invesco Galaxy Bitcoin ETF, WisdomTree Bitcoin Trust, Valkyrie Bitcoin and Ether Strategy ETF, Hashdex Bitcoin ETF, Franklin Bitcoin ETF . , Trust Wise Origin Bitcoin Trust, Grayscale Bitcoin Trust, VanEck Bitcoin Trust and iShares Bitcoin Trust.
In addition to Bitcoin ETF prices, Peet has contributed support to several other ETFs such as (SPDR) Dow Jones Industrial Average ETF Trust, (DOW) Dow Jones Industrial Average and (VOO) Vanguard S&P 500 ETF, among others.
This comes as Bitcoin ETFs posted net income of $2.2 billion in the week of February 12-16, a combined amount higher than any other of the 3,400 ETFs in the United States.
In the year On February 14, BlackRock's Bitcoin ETF surpassed 100,000 BTC under management, highlighting the company's aggressive buying of (BTC) since the ETF's launch in January.
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