Bitcoin ETFs posted a two-day inflow bonanza About $1 billion The price of the cryptocurrency rose to around $70,000.
The investor pile-in, led by buyers of BlackRock's IBIT and Fidelity's FBTC exchange-traded funds, has been impressive compared to others, the ETF guru said. Nate Gerasi in X.
“For context, only eight of the 560+ ETFs launched in 2024 took in more than $1 billion annually,” he says.
The moves came as Bitcoin price touched optimistic investor sentiment at $68,257 on Wednesday.
The coin has rallied nearly 52% this year.
Only ETFs that track Bitcoin are up.
Funds tracking the US benchmark S&P 500 have led outflows of $772 billion this year – about 85% of the way to breaking the annual record – with 2024 still a few months away.
Bloomberg Intelligence analyst Eric Balchunas, citing Bloomberg data, called the flow “Flomageddon.”
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In the long term, according to BitMEX founder Arthur Hayes, the price of Bitcoin will rise further amid rising tensions in the Middle East and as the Federal Reserve lowers borrowing costs.
“Bitcoin and Crypto Rise as Fuel Prices Rise” due to Confusion Hayes wrote in a blog post this week.
Meanwhile, “hundreds of billions or even trillions of dollars of newly minted bitcoin will re-energize the bull market.”
However, Hayes cautions: “Just because bitcoin grows over time doesn't mean there won't be serious price volatility, or that every shitcoin will share in the glory.”
Related TopicsBITCOINBITCOIN ETFCRYPTO TRADING
