Bitcoin ETF hits $10 billion in one month

Spot Bitcoin exchange-traded funds have completed their first 20 sessions, reaching $10 billion in assets under management (AUM).

Last month, the US Securities and Exchange Commission (SEC) approved the first 10 Bitcoin ETFs . CoinTelegraph cited data from BitMEX Research showing that Grayscale ETF's managed cash flow has reached $6.3 billion in the past 30 days. The remaining nine funds reached 2.7 billion USD. In particular, BlackRock's IBIT is holding 4 billion USD worth of Bitcoin , Fidelity's FBTC is more than 3.4 billion USD worth of Bitcoin.

Bloomberg analyst Eric Balchunas believes that in the next few months, inflows into Bitcoin ETFs will increase as companies complete their portfolio appraisals.

Bitcoin symbol coin and price chart. Photo: Khuong Nha

According to analytics company ARK Invest, Bitcoin's price increase to above $48,000 has reinforced the optimistic view that this digital currency is becoming a safe haven that can replace gold. "In the past 7 years, Bitcoin price increased 20 times while gold increased 7 times," ARK Invest stated.

Previously, on January 11, the first Bitcoin ETFs were listed on the US stock exchange. The event opens the way for investors to access Bitcoin without buying directly. Instead, they buy ETF shares and assets backed by the fund's Bitcoin holdings.

According to Reuters , this is an important turning point for Bitcoin in particular and the broader cryptocurrency industry in general. However, the first week of the Bitcoin ETF ended in skepticism. Instead of seeing more buying as the world's largest digital currency becomes accessible through the stock exchange, data from Glassnode shows that on January 12 alone there were 88,000 Bitcoins, equivalent to $3.75 billion. , was sold. Researcher James Van Straten of cryptocurrency analysis company CryptoSlate said: "The total number of Bitcoins sold after the Bitcoin ETF event is up to 111,000 ($4.7 billion). It's a matter of trust." At that time, the greed and fear index of Bitcoin users decreased by 20 points within a week. Bitcoin price also quickly dropped to the $41,000 area.

Analysts believe that Bitcoin price will fluctuate in the short term, then soon increase again when the Bitcoin Halving event is expected to take place in April. Standard Chartered experts say that ETF funds can attract from 50 billion to 100 billion USD in 2024, pushing Bitcoin price to 100,000 USD.