😱🚀 Bitcoin ETFs Expect Record Weekly Inflows Amid Regulatory Turmoil
In a dynamic turn of events, institutional investment routes have experienced a notable increase in activity in line with Bitcoin's current valuation of $34,209. This surge coincides with a growing wave of expectations about potential regulatory changes in the United States. It has been revealed that Bitcoin exchange-traded funds (ETFs) are on the verge of reaching unprecedented weekly capital inflows, citing reliable sources such as Bloomberg.
Speculation that the US may soon give the green light to an ETF based on the Bitcoin spot price has not only affected the price movement of BTC, but has also created a positive ripple effect in the surrounding ecosystem. This surge in demand extends beyond stock markets and mining firms, reaching even beleaguered institutional investment options.
According to Eric Balchunas, a senior ETF analyst at Bloomberg, at least two well-known institutions experienced significant trading volume during the week ending October. 27. One of them was the ProShares Bitcoin Strategy ETF (BITO), which was the first futures-based ETF to receive approval in the US in 2021.
In this latest update, Balchunas highlighted that bito has seen a transaction volume of $1.7 billion, which is the second highest since its debut last week. He also noted that the Grayscale Bitcoin Trust (GBTC) has reduced its discount to the Bitcoin spot price to a two-year low by making $ 800 million in transactions. Balchunas concluded that there is a discernible audience of 2.5 billion in less traditional methods of exposure.
A Testament to the Bitcoin ETF Momentum
This increase in ETF trading activity has not gone unnoticed. William Clemente, co-founder of crypto research firm Reflexivity, noted that ETF trading is currently “in full steam."" Remarkably, GBTC has registered a dramatic resurgence in recent months, even before the 15% gain in BTC/usd observed last week.
