Investors are pouring in cash again Bitcoin After a lull in exchange-traded funds (ETFs) last week. More than $100 million was entered into popular new funds for the third day in a row on Thursday, according to data from BitMEX Research. show.
This week got off to a slow start, with just $1 million flowing in on Monday. However, things quickly turned around the next day, with $418 million inflows, BitMEX reports. $243.4 million came in on Wednesday, and another $183 million was invested yesterday.
US markets are closed today for the Good Friday holiday.
Last week all the funds were drained. Thanks to “investor hesitation” In response to the decline in virtual currency prices. Perhaps that reticence has faded.
The most popular product remains BlackRock's iShares Bitcoin Trust (IBIT), which manages the most assets of the nine funds and has experienced $17.7 billion in inflows.
IBIT is so popular that BlackRock CEO Larry Fink said, Said In an interview with FOX Business on Wednesday, he said he “never expected” it would do so well among retail investors.
Securities and Exchange Commission (SEC) in January gave the green light After 10 years of saying no to Bitcoin ETFs, I moved to 11 Bitcoin ETFs. The fund allows investors to buy cost-tracking stocks of the largest cryptocurrencies by market capitalization.
Despite one of the funds, Grayscale’s GBTC; experiencing a mass exodus Other ETFs have seen huge inflows as bankrupt crypto companies redeem shares and investors move to funds with lower fees.
As a result, Bitcoin has rallied significantly since the ETF's approval on January 11, with assets up nearly 50%.
bitcoin price currently standing According to CoinGecko, it costs $69,618 per coin.
Edited by Ryan Ozawa.
