Crypto News- Just in, Balchunas shared on X (formerly Twitter) that nine out of the 11 recently launched spot Bitcoin ETFs saw an unprecedented $2.4 billion in inflows within a single day.
Bitcoin ETFs Shatter Previous Volume Records with 9-Fold Surge
This impressive figure represents the net cash inflows across these nine Bitcoin ETFs, subtracting any outflows.
“Breaking news! The New Nine Bitcoin ETFs have shattered the all-time volume record today with $2.4b, narrowly edging out Day One but doubling their recent daily average,” Balchunas confirmed. Notably, BlackRock’s iShares Bitcoin ETF saw a remarkable surge, contributing approximately $1.3 billion to the total net inflows, accounting for about 55% of the overall inflows.
Besides BlackRock, other significant contributors to this surge include Bitcoin ETFs from Fidelity, Franklin Templeton, Invesco, VanEck, WisdomTree, Hashdex, Bitwise, and Valkyrie. As of now, Bitcoin has witnessed a 24-hour price hike of around 9.49%, currently priced at $56,339.
In a report on February 2 by BeInCrypto, it was highlighted that the combined 11 spot Bitcoin ETF applicants collectively hold about 3.3% of the total Bitcoin supply.
Rising Popularity of Bitcoin ETFs Boosts Bitcoin Prices
The increasing popularity of Bitcoin ETFs could have a positive impact on Bitcoin’s price, given that these ETFs are backed by actual Bitcoin. Institutions offering these ETFs are required to back the shares with real Bitcoin.
However, before the approval of Bitcoin ETFs in January, there were speculations regarding whether these products would be genuinely backed by the asset. Some argued that failure to do so could lead to severe consequences for Bitcoin.
“If Bitcoin ETFs only involve ‘cash in, cash out,’ wouldn’t they essentially be paper Bitcoin? This scenario could potentially result in ongoing price suppression, which would be disastrous,” critics speculated.
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