🟧The launch of spot Bitcoin ETFs in January 2024 has been a catalyst for a new crypto market bull run. The total trading volume of these ETFs has approached $600 billion, with Bitcoin’s price surpassing $100,000. The popularity of these funds is evidenced by a net capital inflow of $33.3 billion since their inception, $2.72 billion of which was recorded in the last week alone.
🟧Market leaders, such as BlackRock with its iShares Bitcoin Trust (IBIT), have significantly increased assets under management, surpassing 500,000 BTC. This achievement was highlighted by a Bloomberg analyst who noted a record weekly inflow of $2.5 billion.
🟧The growth of stablecoins, acting as a bridge between fiat and crypto, has also fueled demand. For instance, Semler Scientific’s $29.3 million investment in BTC underscores the profitability of crypto instruments. Spot ETFs have solidified the position of cryptocurrencies in the global financial market.