BitMEX Research shows that more than $100 million has flowed into bitcoin exchange-traded funds for three days in a row. The week started quietly with only $1 million in stakes on Monday. But soon, on Tuesday, $418 million was put in. On Wednesday, $243.4 million was added and another $183 million was invested yesterday. Since the American markets were closed yesterday due to the Good Friday holiday, this inflow was limited.
BlackRock ETF remains the most popular
Although investors were reluctant to invest in bitcoin ETFs last week due to a drop in crypto prices, that hesitation now seems to have diminished. The most popular fund remains BlackRock’s iShares Bitcoin Trust (IBIT), which manages the most assets of the nine funds, with inflows of $17.7 billion.
BlackRock CEO Larry Fink said in an interview with Fox Business on Wednesday that he “never predicted” it would do so well with retail investors.
SEC approval for bitcoin ETFs
In January, the Securities and Exchange Commission (SEC) gave the green light to 11 bitcoin ETFs, after a decade of saying no to these products. The funds allow investors to buy shares that track the underlying price of the largest cryptocurrency.
However, not all Bitcoin ETFs perform equally well. Grayscale’s Bitcoin Trust (GBTC) is seeing significant outflows as bankrupt crypto companies redeem shares and investors look for lower-fee funds. Despite this, the overall Bitcoin ETF market is seeing significant inflows, contributing to a nearly 50% increase in Bitcoin’s value since the ETFs’ approval on January 11.
Because of this good performance of the bitcoin ETFs, large companies such as Bitwise are also pushing for a possible ethereum ETF. A preliminary decision will be made in May this year as to whether or not the Ethereum ETFs will be introduced.
Source: https://bitcoinmagazine.nl/nieuws/bitcoin-etfs-groei-miljoenen-instroom
