As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset landscape, I must admit that the recent milestone achieved by US-based spot Bitcoin ETFs has piqued my interest. Having witnessed the slow and steady growth of gold ETFs, it’s impressive to see Bitcoin ETFs surpass this significant milestone in just ten months.
In the U.S., Bitcoin-related exchange-traded funds (ETFs) have hit a significant turning point regarding inflows, despite Bitcoin’s price continuing its seven-month decline trend.
US-based spot Bitcoin (BTC) ETFs crossed $20 billion in total net flows on Oct. 17.
According to Eric Balchunas, a senior ETF analyst at Bloomberg, it’s particularly challenging for Exchange Traded Funds (ETFs) to increase the $20 billion figure. This insight was shared in a blog post on October 17th.
“Bitcoin ETFs have crossed $20 billion in total net flows (the most important number, most difficult metric to grow in ETF world) for the first time after a huge week of $1.5 billion.”
Regardless of ongoing ETF investments, Bitcoin’s value has failed to surpass $68,300 since June 2024. Over the past seven months, this pioneering digital currency has been moving downwards according to CryptoMoon’s data, indicating a persistent downtrend from March.
It only took the US spot Bitcoin ETFs 10 months to cross the $20 billion net flow milestone, which suggests significant investor interest. In contrast, it took gold ETFs approximately five years to cross this milestone, according to Balchunas.
Read More
- Best Race Tier List In Elder Scrolls Oblivion
- Elder Scrolls Oblivion: Best Pilgrim Build
- Becky G Shares Game-Changing Tips for Tyla’s Coachella Debut!
- Meet Tayme Thapthimthong: The Rising Star of The White Lotus!
- Gold Rate Forecast
- Elder Scrolls Oblivion: Best Thief Build
- Yvette Nicole Brown Confirms She’s Returning For the Community Movie
- Silver Rate Forecast
- Elder Scrolls Oblivion: Best Sorcerer Build
- Rachel Zegler Claps Back at Critics While Ignoring Snow White Controversies!
2024-10-17 15:50