Bitcoin ETFs have gotten a lot of new money in the last week. Bitcoin ETFs are now getting a lot of money and are becoming strong competitors to other popular ETFs. A Bloomberg report said that Bitcoin ETFs are getting more attention than the ProShares Bitcoin futures ETF.
ProShares Bitcoin futures ETF not popular
Up until now, the main exchange-traded fund connected to cryptocurrencies was the ProShares Bitcoin Strategy portfolio, which had $2 billion. The competition from other funds has made it harder to predict the future of the futures-based ETF. According to Bloomberg, nine new investment funds for digital money have made over $10 billion since they were introduced in the US on January 11. The new Bitcoin ETFs are more popular with investors than the ProShares offering.
The Blackrock Bitcoin ETF is now one of the most popular ETFs
Before, Blackrock’s IBIT collected around $500 million and experienced a large increase in money coming in. IBIT has gone up to over $5 billion in just 23 days of trading. This information comes from Bloomberg analyst Eric Balchunas. This ranks it in the top 7% of all ETFs based on how big it is compared to others. This is a very strong boost for a brand new product.
Spot Bitcoin ETFs have recently received a lot of new money, totaling $4 billion so far. Additionally, on Tuesday, February 13, the 11 Bitcoin ETFs received a net inflow of $631 million, which was the highest amount received in a single day. The price of Bitcoin is going up because more money is being invested in it.
What to expect in the future for Bitcoin ETFs
People who know a lot about ETFs and people who support cryptocurrencies both say that one month after it started, spot Bitcoin ETFs are doing really well on important trading measures. The launch of Bitcoin ETFs showed that investors still want to invest in Bitcoin using regular investment options. The system for using bitcoin is changing, as shown by the markets starting to see digital assets as a real type of asset. People think that the market for Bitcoin ETFs will grow in the future. The new ETFs are expected to do well in the short term and be a good investment for a long time.
