Cryptocurrency Investment Revolution: The Impact of Bitcoin ETFs Approval
On February 13, a total of eight Bitcoin ETFs recorded daily inflows of 12,073 BTC, an equivalent of roughly $590 million, with the iShares from BlackRock taking the lead. Concurrently, outflows from Grayscale experienced a decline, slowing to 1,147 BTC or approximately $56 million. The Bitcoin ETFs approval has definitively impacted the market, with brands such as BlackRock’s iShares and Fidelity’s FBTC at the forefront. These entities added 7,497 BTC ($366.5M) and 3,039 BTC ($148.5M) respectively to their portfolios. At present, excluding Grayscale, eight Bitcoin ETFs carry 227,986 BTC since their approval on January 10. However, when Grayscale is considered, the total amount raises to 693,374 BTC, translating to over $34 billion. Following the Bitcoin ETFs approval, BlackRock’s iShares have managed to secure a place amongst the top five U.S. ETPs by capital influx, amassing over $3.19 billion since their initiation. The recent interest spike in Bitcoin ETF can be somewhat attributed to the decline in Grayscale Bitcoin Trust outflows, the largest BTC fund worldwide. Investors have been trading their GBTC shares for newer, more economical ETF alternatives provided by firms such as BlackRock and Fidelity. Interestingly, the outflows from GBTC have slowed, noting the least daily withdrawal in the past week on February 13 of 1,147 BTC. Ultimately, the rapid accumulation of spot Bitcoin ETFs has distinctly influenced BTC’s price. Despite an initial drop, Bitcoin’s price has recently escalated, hitting a new height of over $51,000, the maximum in more than two years, thus highlighting the crucial role of Bitcoin ETFs approval in shaping the cryptocurrency landscape.
Continue Reading…
