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19.03.2024

In the short term, Bitcoin will see a wave of ETF inflows from registered investment advisors (RIAs). A similar scenario was considered by CoinShares head of research James Butterfill. According to Butterfill, currently only Carsen Group has allowed trading in spot Bitcoin ETFs.

The analyst recalled that the approval of spot Bitcoin ETFs led to demand for coins averaging about 4,500 BTC (on trading days). For comparison, miners mine only 921 BTC per day. As a result, issuers of exchange-traded funds are forced to replenish coin reserves through purchases on the secondary market, the specialist noted.

The analyst predicted a gradual reduction in inflows into ETFs, which will allow the rate of the first cryptocurrency to “stabilize” on a plateau. In the future, expectations of a reduction in the Fed key rate will provide support, Butterfill concluded.

Earlier, CoinShares estimated that revenues in cryptocurrency investment products from March 9 to March 15 amounted to $2.92 billion after $2.69 billion in the previous reporting period.

According to SoSoValue, on March 18, the positive trend in net inflows into ETFs was interrupted for the 11th day. The outflow amounted to $145.45 million. Since the approval, receipts have reached $12 billion. AUM has decreased to $55.9 billion. Let us recall that 10T Holdings CEO Dan Tapiero called the growth of Bitcoin to $200,000 easily achievable. He noted inflows into ETFs and halving as drivers.

Source – https://forklog.com/news/coinshares-bitkoin-stolknetsya-s-shokom-sprosa-v-blizhajshie-mesyatsy