new cash has started arriving Bitcoin Exchange Traded Fund (ETF) Again after a 5 week spill. Monday's report from European asset manager CoinShares show Last week, $130 million flowed into the fund.
CoinShares tracks all cryptocurrency funds from the US to Europe to Australia. Most of last week's action went into US funds, particularly new spot ETFs that give traditional stock investors exposure to Bitcoin.
The report added that European investors withdrew $14 million from the fund. EthereumDue to the bearish mood surrounding the approval of Ethereum ETF, related funds decreased.
Many prominent investment firms want to: get approval Ethereum ETFs have received clearance from the Securities and Exchange Commission (SEC), but experts say regulators will be slow to greenlight such products, even if they are approved. ,I believe.
“Due to the lack of US regulatory involvement in the ETF issuer’s application for a Spot Ethereum ETF, there is growing speculation that approval of the ETF may not be imminent,” CoinShares wrote. “This is reflected in outflows that totaled $14 million last week.”
Perhaps the best news for long Bitcoin investors is that the amount of money flowing out is decreasing. Grayscale Bitcoin Trust (GBTC) Last week was the lowest ever conversion Invested in an ETF in January.
Since moving from a closed-end fund model to ETFs, investors have Actively redeem shares Either to look for cheaper ETFs or to cash out your products to take home the profits. These huge outflows have resulted in funds selling Bitcoin to pay cash to customers. apply downward pressure upon bitcoin price.
However, at the beginning of this month, first timemore investors started buying GBTC shares than redeeming them.
CoinShares said GBTC inflows could lead to an increase in asset prices if more investors want exposure to the largest cryptocurrency by market capitalization.
According to CoinGecko, Bitcoin is currently trading at $62,810 per coin. It hit an all-time high of nearly $74,000 in March, but has since struggled under the ETF hype. Just two weeks ago, Bitcoin ETF We had the worst day on record.investors withdrew more than $500 million.
Is it possible that investors are hungry for Bitcoin again?
Edited by Ryan Ozawa.
