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Cryptocurrency News Articles
Bitcoin ETFs Are the Most Successful Debut of Any ETF in History, Surpassing Gold ETFs
Oct 18, 2024 at 08:32 pm
Cumulative net inflows into spot Bitcoin ETFs have surpassed $20 billion since their launch earlier this year. It took gold ETFs 5 years to reach this figure.
Cumulative net inflows into spot Bitcoin ETFs have now surpassed $20 billion since their launch earlier this year, according to data from Farside Investors.
For comparison, it took gold ETFs 5 years to reach this figure, highlighting the exceptional popularity of Bitcoin ETFs.
“Bitcoin ETFs crossed $20b in total net flows (the most imp number, most difficult metric to grow in ETF world) for the first time after a huge week of $1.5b. Gold ETFs took about 5 years to reach the same number. Total assets now $65b, also a high water mark,” wrote Eric Balchunas, Senior ETF Analyst for Bloomberg.
Source: Bloomberg
U.S.-based spot Bitcoin exchange-traded funds (ETFs) have now attracted $20.26 billion in cumulative inflows since their introduction on January 11.
This marks a significant milestone in the cryptocurrency’s history, as it showcases mainstream acceptance of crypto as an investment asset.
The日からlative inflows are a testament to the strong demand for Bitcoin ETFs among investors.
Source: Farside Investors
In just the past four days, around $1.64 billion has poured into 11 different ETF products from firms such as ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton.
Out of these, BlackRock, the world’s largest asset manager, experienced $393.4 million in daily inflows on October 16—the highest since July 22, when it recorded $526.7 million.
Source: Bloomberg
Recently, analysts at Standard Chartered predicted that Bitcoin could approach its previous high of around $73,800 ahead of the US presidential election.
According to them, improving odds for Donald Trump’s re-election could create a favorable environment for Bitcoin, as his potential presidency has been viewed positively by many in the cryptocurrency community.
Meanwhile, with the successful launch of the first Bitcoin and Ethereum ETFs in the U.S., investors are now speculating on what digital asset will be next to hit the trading floors.
When questioned about the possibility of an XRP ETF, Tim McCourt, senior managing director at CME Group, highlighted that the groundwork had already been laid.
Speaking at Ripple Swell 2024, McCourt stated:
“We now have an XRP reference rate and a real-time index, which is the initial step in expanding this ecosystem. With over 50 real-time prices and reference rates, it creates a critical foundation for fully regulated benchmarks that providers like Bitwise can rely on.”
This statement comes after Bloomberg ETF analyst Eric Balchunas reported that the SEC had received a second application for an XRP ETF, this time from Canary Capital.
However, despite the anticipation for a potential XRP ETF, the token’s price has lagged behind the broader crypto market rally.
While Bitcoin is up 58% year to date, XRP is down 11%.
Source: Brave New Coin
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