The US market for Bitcoin ETFs has been open for trading for a week. There has been a net inflow of $572 million into ETFs thus far. Even if the figure is exceptional, it is not as high as anticipated. Cryptocurrency traders and aficionados estimate the influx to be in the billions. Even yet, GBTC (Grayscale) lost $2.74 billion due to the ETFs. In a similar vein, 91 million dollars were lost by BITO (ProShares Bitcoin Futures).
The ETFs have received $3.84 billion in revenue thanks to the movement. It is noteworthy, therefore, that 485 million dollars have already departed the European and Canadian exchange-traded funds. We may confidently presume that this cash has been reinvested in US ETFs.
That does not, however, imply that Bitcoin ETFs are certain to fail in the US. The ETFs have high long-term hopes and a positive Bitcoin outlook. The largest cryptocurrency will halve for the fourth time in April, which will definitely benefit the asset.
However, the action taken by Blackrock and Fidelity is also giving traders a good signal. On a 10-year chart, the availability of inexpensive Bitcoin ETFs in the US is more positive than it is on a 10-day chart.
ETH is on its way to enter the financial industry, which currently includes BTC officially. Even yet, it’s important to remember that traveling is preferable to arriving. Currently, there are fewer uptrends overall in the top 100 cryptocurrency assets.
Even with the approval of the ETF, the setback is noteworthy and very small. It slows down the alt-season rally, but it’s not a crisis.
