Funds are consistently pouring into the recently launched ETFs, fueling Bitcoin's upward trajectory.
Photo by Max Bender on Unsplash
BlackRock, the largest fund manager globally, is spearheading the movement. Just yesterday, its iShares Bitcoin Trust saw a substantial influx of $493 million, bringing its total assets under management to $5.1 billion.
Meanwhile, Grayscale's GBTC holds the most significant cash reserves, surpassing $22.9 billion. Initially functioning as a closed-end fund with substantial crypto holdings, it transitioned into an ETF in January, providing investors with greater flexibility in redeeming shares.
According to data from BitMex Research, a total of $631 million flowed into ten investment vehicles yesterday.
The influx of capital into crypto funds has propelled BTC's price, comfortably exceeding the $50,000 milestone it achieved for the first time in two years on Monday. Currently, CoinGecko indicates that BTC is trading at $51,622 per coin.
After a decade of rejecting such products, the Securities and Exchange Commission finally greenlit ten spot BTC ETFs on January 10.
Meanwhile, there's a noticeable decline in investor interest in gold, particularly among ETF enthusiasts. Bloomberg's ETF analyst, Eric Balchunas, mentioned on Twitter that funds were being withdrawn from gold ETFs.
$IBIT is experiencing a significant surge, attracting nearly half a billion dollars in investments solely yesterday. This remarkable performance signifies an unexpectedly strong momentum for a recent launch, pushing its total assets over $5 billion. In just 23 trading days, it has positioned itself among the top 7% of all ETFs by size.
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