Bitcoin exchange-traded funds (ETFs) experienced significant net inflows of $2.2 billion between February 12 and February 16. This inflow surpassed the inflows received by any other ETF in the United States. BlackRock’s IBIT fund received the majority of the capital, accumulating $1.6 billion during the week.
Fidelity’s FBTC, Ark 21Shares’ ARKB, and Bitwise’s BITB also attracted substantial inflows. However, Grayscale’s GBTC saw outflows of $624 million, as investors moved to other products with lower fees. The approval of these ETFs by the U.S. Securities and Exchange Commission (SEC) is believed to have contributed to Bitcoin’s recent price gains. The cryptocurrency has risen by 91% over the past four months.
Major banks and financial institutions have also shown interest in these new ETFs, with a trade group coalition requesting modifications to accounting guidelines to allow banks to act as custodians of BTC funds.
Source: COINTELEGRAPH
