As a seasoned researcher with a keen eye for global financial trends, I find it fascinating to witness the growing acceptance and adoption of Bitcoin-related investment products across the globe. The recent green light from Israel’s Securities Authority for six mutual funds tracking the price of Bitcoin is yet another testament to this trend.
As a researcher, I’m observing an ongoing reinforcement of the global acceptance pattern for Bitcoin investment tools. Excitingly, six fresh mutual funds are scheduled to launch in Israel, indicating a growing interest and confidence in this digital currency.
Based on a recent article from Calcalist published on December 25th, it appears that the Israeli Securities Authority has granted approval for six investment funds designed to follow the value of Bitcoin (BTC).
ISA’s approval of the funds last week paved the way for their debut on Dec. 31, the report stated.
According to a recent report by Cacalist, it is anticipated that all six investment funds – from Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI – will simultaneously become operational.
The simultaneous launch is a condition the regulator outlined for the providers.
According to the report, the management fees for these funds range from 1.5% down to 0.25%. It’s worth mentioning that one of the newly introduced funds will be actively managed and trades will take place on a daily basis.
The upcoming introduction of Bitcoin mutual funds in Israel signifies a warming trend, as the cryptocurrency sector is embracing increased involvement from institutional investors.
In the year 2024, significant advancements were made across the United States, Europe, Hong Kong, and Australia. These regions witnessed the introduction of Bitcoin and cryptocurrency exchange-traded products to their markets, leading to a surge in adoption rates.
Beginning in January 2024, the United States Securities and Exchange Commission initiated a surge of acceptance by giving the green light to several Bitcoin ETF proposals.
Over the past period, Exchange-Traded Funds (ETFs) have amassed approximately $110 billion in Bitcoin, accounting for more than 5.7% of the total market capitalization of Bitcoin as of December 24th. This significant accumulation represents a cumulative net inflow of around $35.49 billion into these U.S. spot Bitcoin ETFs.
Israel’s approval of these funds comes in response to a growing interest within the domestic market. In fact, several companies have recently submitted their plans for Bitcoin-related products, as reported by Calcalist, quoting an official from an investment company.
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2024-12-25 20:04