Bitcoin exchange-traded funds (ETFs) have witnessed a remarkable week, with net inflows topping $2.2 billion from February 12 to February 16, marking the highest among all 3,400 ETFs in the U.S. market. BlackRock’s IBIT led the charge, securing $1.6 billion in capital, a significant portion of BlackRock’s total ETF flows for the year, according to Bloomberg analyst Eric Balchunas.
Other funds like Fidelity’s FBTC, Ark 21Shares’ ARKB, and Bitwise’s BITB also saw substantial inflows, contributing to the bullish sentiment in the crypto space. Conversely, Grayscale’s GBTC faced $624 million in outflows, impacting the overall performance of Bitcoin ETFs despite its recent transition to an ETF format.
This influx of investments into Bitcoin ETFs is credited with propelling Bitcoin’s price, which has soared 91% over the last four months. The approval of these funds by the U.S. Securities and Exchange Commission (SEC) last month has played a pivotal role in bolstering market optimism.
As Bitcoin continues its upward trajectory, major financial institutions are advocating for regulatory adjustments to facilitate banks acting as custodians for BTC funds, highlighting the growing mainstream acceptance of cryptocurrency investments.
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