Spot BTC ETFs Propel Bitcoin AUM to $59 Billion, Marking a Strong Comeback
Bitcoin’s resurgence to the upper echelons is accompanied by a surge in investor inflows into crypto-focused funds, reaching the highest asset under management (AUM) levels since early 2022, as reported by CoinShares on Monday.
The momentum follows the approval of new spot Bitcoin (BTC) exchange-traded funds (ETFs), with a staggering $1.1 billion entering digital asset-focused funds last week alone. AUM now stands at $59 billion, primarily driven by the influx into the new spot BTC ETFs. The recent green light from the U.S. Securities and Exchange Commission for 10 spot BTC ETFs has enabled traditional investors to gain exposure to the crypto space, causing a notable impact on BTC’s price.
Despite a brief dip in response to Grayscale’s strategic sell-off, BTC’s value has rebounded, currently trading at $49,862 after briefly surpassing $50,000. While the majority of inflows target BTC, funds offering exposure to Ethereum (ETH) and Cardano (ADA) have also attracted investor interest. Bitcoin’s current value signals a robust comeback, even though it hasn’t yet revisited its all-time high of $69,044 reached in November 2021.
Clever Robot News Desk 13th February 2024
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