As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous groundbreaking events that have reshaped the industry landscape. However, the rapid growth and success of Bitcoin ETFs within just 10 months of their debut is nothing short of extraordinary.
12 Bitcoin-based exchange-traded funds (ETFs), launched by prominent financial entities like BlackRock and Fidelity Investments, have soared beyond $100 billion in combined assets, reaching a notable achievement less than a year after their introduction in January. This rapid expansion has positioned these Bitcoin ETFs as one of the most successful new fund categories in recent years.
On Wednesday, there was a significant inflow of approximately $773 million into Bitcoin ETFs, as the price of Bitcoin soared to unprecedented heights. By Thursday, Bitcoin had surged to an astonishing value of $97,892, maintaining its surge towards the $100,000 threshold.
The increasing cost of Bitcoin appears to be driven by a rising sense of positivity within the cryptocurrency sector, notably because of President-elect Donald Trump’s views on digital currencies, as reported by Bloomberg.
Talks within Trump’s transition circle are exploring the establishment of a unique White House position aimed at digital asset policy—a significant step if realized in U.S. history. Cryptocurrency proponents are urging that this role should enjoy direct contact with the president-elect, who has grown prominent as a backer of cryptocurrencies.
Caroline Bowler, BTC Markets’ CEO, highlighted that “The recent price surge in crypto is driven by the continuous positive news about cryptocurrency associated with the upcoming Trump administration.
Starting from the day of the U.S. election on November 5th, Bitcoin ETFs have recorded a total of $5.8 billion in inflows. In the year 2024, the value of Bitcoin has soared by an impressive 129%, surpassing stocks, gold, and other conventional assets in terms of growth.
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2024-11-21 14:28