Here Are the Bitcoin ETF Numbers Two Months After Approval, Bloomberg Analyst Calls Them ‘Absurd’

The long-awaited approval of Bitcoin exchange-traded funds (ETFs) in the United States by the Securities and Exchange Commission (SEC) on January 11th, 2024, has had a profound impact on the cryptocurrency market. After two months, the numbers surrounding these ETFs are nothing short of staggering, prompting Eric Balchunas, a popular Bloomberg analyst, to describe them as “simply absurd.”

The approval of Bitcoin ETFs in the US was a significant milestone for the cryptocurrency industry, as it opened the doors for mainstream investors to gain exposure to the digital asset class through regulated investment vehicles. This development was widely expected to drive institutional adoption and capital inflows into the Bitcoin market.

Indeed, the introduction of Bitcoin ETFs has positively affected the price of Bitcoin (BTC). Since the approval, BTC has rallied from around $40,000 to above $72,000, breaking through its all-time highs multiple times along the way. While the ETF approval is not solely responsible for this price surge, it has undoubtedly contributed to the overall bullish sentiment and increased demand for the world’s largest cryptocurrency.

According to Eric Balchunas, the ten Bitcoin ETFs approved in the US have collectively amassed over $55 billion in assets under management (AUM) within just two months. He expressed his astonishment at these figures, stating, “If these were the numbers at the end of year I’d call them a success. To do it in eight weeks is simply absurd.”

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +

Balchunas’s disbelief stems from the unprecedented pace at which these Bitcoin ETFs have accumulated assets and trading volume. With a staggering $110 billion in trading volume, double the AUM figure, these ETFs have quickly established themselves as major players in the investment landscape.

Furthermore, Balchunas highlighted the remarkable performance of two specific Bitcoin ETFs, IBIT and FBTC, which have secured the third and fourth positions in year-to-date flows among all ETFs as of mid-March. Their impressive inflows have positioned them alongside “perennial studs” like VOO, IVV, and VTI, traditionally dominant ETFs tracking major equity indices.

The analyst’s comments underscore the remarkable demand and interest that Bitcoin ETFs have generated within a short span of time. These figures not only demonstrate the growing acceptance of cryptocurrencies as a legitimate asset class but also highlight the potential for further growth and mainstream adoption.

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

CaptainAltcoin
Logo