Bitcoin (BTC) ETFs have changed the entire cryptocurrency landscape in 2024 creating a window for new traditional investments into the market. Last year, the optimism for spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) sent the market to new highs not recorded since 2021.
Bitcoin ETFs were approved on Jan 11 and recorded success throughout the first quarter of the year with inflows and price upticks. A new Reuters report shows a sharp leaning toward Bitcoin ETFs and Artificial Intelligence (AI) trends in the United States market.
ETF Market Dominate Trends
The last three months saw notable flows to ETFs with issuers recording billions. Most times, funds flow to newly approved ETFs as liquidations continue from older ones. A major reason for this was due to the price efficiency of new products approved on Jan 11.
BlackRock, Vanguard, and State Street maintain the lead on the scene with approximately 75% of assets. According to data from TrackInsight, the Fidelity Wise Origin Bitcoin Fund now has $10 billion in assets marking new flow to new products. These new positions have sparked a rise in the total assets under Fidelity by 16%. Aside from ETFs, other trends like artificial intelligence computing dominated investors’ techniques in Q1 2023.
Bitcoin ETFs Rally Crypto Markets
The cryptocurrency market came out of new lows at the start of 2023 as a result of the bear market of 2022. The bear market was the end of the 2021 bull market that saw Bitcoin hit a new all-time high. The collapse of Terra’s stablecoin and the subsequent implosion of FTX led to rapid outflows from Bitcoin and other assets. However, the following year saw renewed appetite in the market on the back of BlackRock’s ETF application.
The move triggered similar moves by several asset management firms leading to widespread anticipation for the products. In December, Bitcoin price hit $44,000 with new inflows recorded in the market. After the approval of Bitcoin ETFs, the price of the asset has soared to a new all-time high above $72,000.
Several crypto analysts opine that more highs could be recorded this year as the market frenzy continues. The upcoming Bitcoin halving is another positive indicator that points the crypto market upwards, commentators say.
Read Also: Jim Cramer Just Rattled Bitcoin (BTC) HODLers
The post Bitcoin ETFs Dominate US Market in Q1 2024 appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed