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US cryptocurrency ETF inflows pick up as bitcoin price recovers

Economic Times · 7m

Inflows into recently launched bitcoin exchange-traded funds (ETFs) have increased this week following a rebound in the cryptocurrency's price. The nine ETFs, launched in January, attracted nearly $1 billion in assets in the first two days of this week. The Fidelity Wise Origin Bitcoin Fund has overtaken BlackRock's iShares Bitcoin Trust in terms of assets, drawing in $540.9 million compared to BlackRock's $197.7 million. However, the Grayscale Bitcoin Trust, which converted to an ETF on the same day as the other nine, has seen steady outflows, reaching $562.4 million in the first two days of this week. These numbers, though significant for the ETF market, are still relatively small compared to bitcoin's overall market capitalization. Regardless, ETF flows appear to be influencing bitcoin's price at the moment.