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.”
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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.
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