Investments In Bitcoin ETFs Surge To $854 Million In One Week

(CTN News) – Bitcoin exchange-traded funds (ETFs) are once again being purchased by investors after a cooling off last week. Data from BitMEX Research indicate that over $100 million entered the popular new funds on Thursday for the third consecutive day.

On Monday, only $1 million entered the funds, a slow start to the week. Inflows of $418 million were reported by BitMEX the following day, however. Inflows of $243.4 million were recorded on Wednesday, while $183 million was invested on Thursday.

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All the funds experienced outflows last week as a result of “investor hesitancy” following the decline in cryptocurrency prices. There is a possibility that the reticence has subsided.

Inflows of $17.7 billion have been recorded by BlackRock’s iShares Bitcoin Trust (IBIT), which has the largest assets under management of the nine funds.

BlackRock CEO Larry Fink said in a Fox Business interview on Wednesday that he “would not have predicted” IBIT would be so popular with retail investors.

After a decade of refusing to allow Bitcoin ETFs, the Securities and Exchange Commission (SEC) approved 11 Bitcoin ETFs in January. In these funds, investors are able to purchase shares that are linked to the underlying price of the largest cryptocurrency by market capitalization.

While Grayscale’s GBTC fund is experiencing massive outflows due to bankrupt cryptocurrency companies redeeming shares and investors moving to lower-fee funds, the other ETFs are experiencing substantial inflows.

Bitcoin has increased significantly since the approval of the ETFs on January 11: the asset is up nearly 50% since then.

Currently, Bitcoin is valued at $69,618 per coin, according to CoinGecko.

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