- Bitcoin ETFs have seen record inflows, demonstrating growing investor demand amid market bullishness.
- China's former finance minister has warned of the risks of cryptocurrencies and urged careful consideration of advances.
After continued uncertainty, focus on Bitcoin [BTC] Exchange-traded funds (ETFs) appear to be regaining momentum with unprecedented inflows.
Bitcoin ETF updates
As of September 27, the latest data from Pharcyde Investors shows cumulative inflows into Bitcoin ETFs at $494.4 million, with markets closed over the weekend of September 28 and 29. .
In particular, BlackRock's iShares Bitcoin Trust (IBIT) usually leads the way in inflows, but this time the ARK 21Shares Bitcoin ETF (ARKB) saw an astonishing $203.1 million in new investment. It attracted attention.
This was closely followed by Fidelity's FBTC with $123.6 million and IBIT with $110.8 million.
Other ETFs also saw significant inflows, such as Grayscale's GBTC, which surprisingly reversed its normal outflow trend and recorded a notable inflow of $26.2 million.
Bitcoin price performance
Steady inflows into Bitcoin ETFs indicate that Bitcoin has been successful in regaining its value in the midst of a bullish market trend, and investor appetite is growing.
Just a few days ago, Bitcoin was having trouble breaking through the $60,000 level, but on September 27th, it skyrocketed to $65,000.
However, as reported by CoinMarketCap, Bitcoin's latest price (i.e. on September 30) is $63,602, reflecting a slight decline of 2.92% in the past 24 hours.
This price volatility highlights the volatile nature of the cryptocurrency market, even as interest in Bitcoin investment products continues to grow.
What more is there?
In the midst of this news, there was other news surrounding Bitcoin ETFs, as covered in X's Bitcoin Whale.
“Spot #Bitcoin ETF bought $17,009 BTC this week.”
However, they also noted that BTC miners only created an additional 2,250 Bitcoins this week, highlighting:
“Demand exceeds supply.”
Is the former Chinese finance minister against Bitcoin ETFs?
Amid growing interest in cryptocurrencies, former Chinese finance minister Lou Jiwei urged a careful consideration of the progress of cryptocurrencies at the Tsinghua Wudaokou Chief Economist Forum held in Beijing in 2024.
He warned of risks to financial stability such as volatility and money laundering, particularly citing the change in US stance after the SEC approved a spot Bitcoin ETF.
he said:
“We should also study the latest international changes and policy adjustments, as they are crucial for the development of the digital economy.”
Therefore, as the adoption of cryptocurrencies continues to increase and the field evolves, it will be interesting to observe how these developments play out and what impact they will have in the future.
