The price of Bitcoin has experienced a slight dip of 2.7% from its recent high, where it exceeded $126,000. However, interest in Bitcoin Exchange Traded Funds (ETFs) remains robust.
These ETFs have already attracted over $2 billion in investments this week. Current trends suggest they’re poised to surpass the $3.2 billion inflow recorded the previous week. Data provided by SoSoValue indicates that Bitcoin ETFs collectively manage assets totaling just under $165 billion, accounting for 6.78% of the overall cryptocurrency market capitalization.
Notably, BlackRock’s iShares Bitcoin Trust has captured the largest share of these inflows, securing $1.8 billion. Remarkably, this fund is approaching $100 billion in total assets despite being operational for less than two years.
Bitwise CEO Matt Hougan commented in a statement that he anticipates a “very strong Q4” for fund inflows, potentially driving the market to new highs. He attributed this optimistic outlook partly to the attractiveness of investments that are seen as providing protection against currency debasement.