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Bitcoin ETFs steal gold’s thunder: Analyst explains investor shift
The post Bitcoin ETFs steal gold’s thunder: Analyst explains investor shift appeared on BitcoinEthereumNews.com. Bitcoin ETF cumulative inflows reach $21 billion, with BTC around $2,500 shy of $70,000. IBIT emerges as the market leader. Bitcoin’s [BTC] recent price journey has been nothing short of impressive. The coin has continued to make headlines be it for crossing critical price thresholds or hitting milestones in exchange-traded funds (ETFs) inflows. This week, BTC surged past the critical $68,000 mark, inching ever closer to the $70,000 valuation. However, at press time the price had dipped to $67,442. While this marked a 2.25% drop over the past day, the monthly gains remained strong at 6.86%. Now, the king coin remains around 3.65% away from reaching $70,000, and with the record inflows in Bitcoin ETFs, achieving this target wouldn’t be too far-fetched. According to data from SoSo Value, on 21st of October, the total net inflows stood at $294.29 million, contributing to a cumulative total inflow of $21.23 billion. Moreover, the total net assets stood at $65.34 billion, representing 4.88% of the cryptocurrency’s total market capitalization. Source: SoSo Value BlackRock’s IBIT dominates the Bitcoin ETF market Worth noting that a major contributor to these inflows was BlackRock’s iShares Bitcoin Trust (IBIT). Despite the price dip, IBIT recorded inflows of $329 million on 21st October. Moreover, it outperformed all spot Bitcoin ETF products, surpassing $23 billion in total net inflows. Eric Balchunas, senior ETF analyst at Bloomberg, noted on X that IBIT had an exceptional week. The ETF attracted $1.1 billion in new cash. Furthermore, it surpassed Vanguard’s VTI for third place in YTD flows. Source: Eric Balchunas/X As per the analyst, what made this achievement even more remarkable was that IBIT is a relatively new launch, competing with ETFs that have been established for over 20 years and manage hundreds of billions of dollars. BlackRock’s IBIT now boasts $26 billion…
The post Bitcoin ETFs steal gold’s thunder: Analyst explains investor shift appeared on BitcoinEthereumNews.com.
Bitcoin ETF cumulative inflows reach $21 billion, with BTC around $2,500 shy of $70,000. IBIT emerges as the market leader. Bitcoin’s [BTC] recent price journey has been nothing short of impressive. The coin has continued to make headlines be it for crossing critical price thresholds or hitting milestones in exchange-traded funds (ETFs) inflows. This week, BTC surged past the critical $68,000 mark, inching ever closer to the $70,000 valuation. However, at press time the price had dipped to $67,442. While this marked a 2.25% drop over the past day, the monthly gains remained strong at 6.86%. Now, the king coin remains around 3.65% away from reaching $70,000, and with the record inflows in Bitcoin ETFs, achieving this target wouldn’t be too far-fetched. According to data from SoSo Value, on 21st of October, the total net inflows stood at $294.29 million, contributing to a cumulative total inflow of $21.23 billion. Moreover, the total net assets stood at $65.34 billion, representing 4.88% of the cryptocurrency’s total market capitalization. Source: SoSo Value BlackRock’s IBIT dominates the Bitcoin ETF market Worth noting that a major contributor to these inflows was BlackRock’s iShares Bitcoin Trust (IBIT). Despite the price dip, IBIT recorded inflows of $329 million on 21st October. Moreover, it outperformed all spot Bitcoin ETF products, surpassing $23 billion in total net inflows. Eric Balchunas, senior ETF analyst at Bloomberg, noted on X that IBIT had an exceptional week. The ETF attracted $1.1 billion in new cash. Furthermore, it surpassed Vanguard’s VTI for third place in YTD flows. Source: Eric Balchunas/X As per the analyst, what made this achievement even more remarkable was that IBIT is a relatively new launch, competing with ETFs that have been established for over 20 years and manage hundreds of billions of dollars. BlackRock’s IBIT now boasts $26 billion…
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