ETFs
Bitcoin ETFs explode and exceed $13 billion in revenue!
12:03 p.m. ▪ 3 min read ▪ by Eddy S.
Will 2024 mark the definitive advent of Bitcoin as a safe haven for investors? As we come to the end of May, it is clear that the queen of crypto has never been more sought after. The figures speak for themselves: the famous net inflows into Bitcoin ETFs exposed to this future asset have set a new historic record with 13 consecutive days of massive subscriptions! A real buying frenzy that brings the Bitcoin king one step closer to widespread institutional adoption.
Bitcoin, still the star of cryptocurrencies
Buoyed by this unprecedented wave of craze, Bitcoin continues to reign supreme over the kingdom of cryptocurrencies. According to the data, net inflows into Bitcoin ETFs reached $48.706 million on May 30, bringing total historical inflows to $13.809 billion. An astronomical figure which attests to the solidity of this investment among institutional and individual investors.
Among major ETFs, BlackRock’s iShares Bitcoin Trust recently dethroned the Grayscale Bitcoin Trust (GBTC) by becoming the world’s largest Bitcoin fund with nearly 20 billion dollars in assets under management. Additionally, despite initial concerns, withdrawals from the Grayscale fund have been relatively moderate, at $17.7 billion, since its conversion to an ETF.
Ethereum, the new Eldorado of ETFs?
Bitcoin is no longer the only one to benefit from this ETF craze. In fact, the American regulator gave the green light to the 19 ETFs Ethereum applications. A major breakthrough which could well revive the frantic race towards alternative cryptos in the very short term.
Among the lucky ones are heavyweights such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton and many others. However, most issuers had to give up Ether staking to obtain the precious regulatory pass. A significant sacrifice for these funds but a necessary evil to broaden their audience to the most prudent institutional investors.
There is no longer any doubt, Bitcoin and Ethereum ETFs represent the new standard of crypto investing in 2024. Signaling widespread institutional adoption of these two giants, this new generation of funds propels this asset class even further on at the forefront of the financial scene. An overflowing enthusiasm that continues to grow from week to week, reaching almost euphoria on derivatives markets of the main cryptos.
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Basically a crypto community manager, I am interested in everything directly or indirectly related to blockchain and its derivatives. In order to share my experience and raise awareness of a field that fascinates me, there is nothing better than writing articles that are informative and relaxed at the same time.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.