Interest In Bitcoin Etfs Is Significant

Posted on October 29, 2023 7:54 PM
Cryipto News
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Bitcoin investment tools are seeing a significant increase in volume due to the potential change in the spot ETF landscape in the United States. Data obtained from Bloomberg's sources shows record inflows into Bitcoin ETFs and other products.

BITO and GBTC reached a trading volume of $2.5 billion Rumors that

The United States may soon approve a spot Bitcoin ETF have not only benefited the asset's price but also the overall ecosystem. Institutional investment tools have also been affected by this trend. As noted by Bloomberg's ETF analyst Eric Balchunas, at least two products saw "significant" trading volume in the week ending October 27th. Among them was the Proshares Bitcoin Strategy ETF (BITO), the first futures-based ETF approved in the United States in 2021. Balchunas shared on Twitter, "BITO saw $1.7 billion in trading volume last week. This was the second-highest volume witnessed after the crazy first week." The analyst also mentioned that GBTC had a trading volume of $800 million.

Notable: $BITO traded $1.7b last week, 2nd biggest week since its wild WEEK ONE. $GBTC did $800m. That's $2.5b (top 1% among ETFs) into two less desirable methods (vs spot) for exposure = while we think spot ETFs unlikely to set records on DAY ONE, clearly there's an audience pic.twitter.com/6bFYtE0UoR
— Eric Balchunas (@EricBalchunas) October 28, 2023

William Clemente, co-founder of crypto research firm Reflexivity, stated that ETF trading has "come back in full swing." GBTC experienced a notable comeback in recent months, even before BTC/USD gained 15% last week. Several legal victories have been achieved in the conversion of GBTC into a spot Bitcoin ETF. Mister Crypto, a Bitcoin and altcoin trader, said, "The GBTC discount continues to narrow."