Bitcoin ETF Approval Sparks $1.84 Billion Surge in Crypto Investments
Investor interest in digital assets, notably Bitcoin, remains robust, evidenced by a substantial $1.84 billion influx into crypto investment products in the past week.
The lion’s share, totaling $1.73 billion, gravitated towards “digital gold.” This surge marks the second-highest weekly inflow recorded, with the peak occurring in February when investors injected $2.45 billion into similar funds, as reported by CoinShares, a European digital asset manager. The recent approval of spot Bitcoin exchange-traded funds (ETFs), gaining immense popularity, primarily drives these significant inflows.
Notably, BlackRock’s iShares Bitcoin Fund, among the 10 Bitcoin ETFs actively traded in the U.S., absorbed the majority of these funds, boasting over $10 billion in assets under management. January’s green light from the Securities and Exchange Commission (SEC) for 11 spot Bitcoin ETFs, with 10 now actively traded, has provided investors with a means to invest in Bitcoin without direct ownership. Ethereum also witnesses a surge, reaching $3,558, reflecting a remarkable 55% increase over the last 30 days.
Clever Robot News Desk 6th March 2024
