Bitcoin ETFs Experience a Surge with $854 Million in Investments in Just One Week – Decrypt
Investors are once again injecting money into Bitcoin exchange-traded funds (ETFs) after a brief cooldown last week. According to data from BitMEX Research, more than $100 million has entered these popular funds for the third consecutive day.
The week started slow with only $1 million entering the funds on Monday. However, the following days saw significant inflows, with $418 million on Tuesday, $243.4 million on Wednesday, and another $183 million on Thursday.
U.S. markets are closed today for the Good Friday holiday.
Last week, all the funds experienced outflows due to “investor hesitancy” following a decrease in crypto prices. However, it seems that cautiousness has waned.
The most popular ETF remains BlackRock’s iShares Bitcoin Trust (IBIT), which has the highest assets under management among the nine funds, with inflows reaching $17.7 billion.
IBIT’s popularity even surprised BlackRock CEO Larry Fink, who mentioned in a recent interview with Fox Business that he did not anticipate its success with retail investors.
In January, the Securities and Exchange Commission (SEC) approved 11 Bitcoin ETFs after a decade of rejections. These funds allow investors to purchase shares that mirror the price of the leading cryptocurrency by market cap.
While Grayscale’s GBTC has seen significant outflows as some bankrupt crypto companies redeem shares and investors shift to funds with lower fees, other ETFs are experiencing substantial inflows.
Since the approval of the ETFs on January 11, Bitcoin’s value has surged by nearly 50%, currently trading at $69,618 per coin, as reported by CoinGecko.
Edited by Ryan Ozawa.
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