Demand built up over many years Bitcoin (BTC) Exchange-traded funds (ETFs) continue to generate intense activity around the top cryptocurrencies, with this new investment vehicle posting its strongest days ever.
BlackRock, the world’s largest fund manager, is leading the way. Yesterday alone, the fund manager’s iShares Bitcoin Trust saw an inflow of $493 million. There is now Assets under management are $5.1 billion.
On the other hand, Grayscale’s GBTC is sit on top It holds the most cash, at over $22.9 billion. The fund previously operated like a closed-end fund and held a huge amount of cryptocurrencies. But in January it turned into an ETF, giving users more flexibility in redeeming their shares.
Yesterday’s total $631 million According to BitMex Research, 10 investment vehicles received inflows.
The flow of cash into crypto funds has driven up the price of BTC, which is now comfortably above Bitcoin’s level of $50,000. touched Monday for the first time in two years. CoinGecko show BTC is currently trading at $51,622 per coin.
After 10 years of saying no to the product, the Securities and Exchange Commission finally approved 10 spot BTC ETFs on January 10th.
Meanwhile, investors appear to be losing interest in gold, at least among ETF proponents.Eric Balchunas, Bloomberg ETF Analyst Said Investors posted on Twitter that they were withdrawing money from gold ETFs.
Vehicles like this give More experienced and traditional investors are exposed to cryptocurrencies: There is no need to worry as the fund holds digital coins and people can buy stocks that track the cost of BTC. where to store.
Edited by Ryan Ozawa.
