REVIVED CRYPTO ETF BOOM BOOSTS BITCOIN Bitcoin is trading at unprecedented levels. One driver: retail investors…
Day: November 12, 2024
📰 REVIVED CRYPTO ETF BOOM BOOSTS BITCOIN Bitcoin is trading at unprecedented levels. One driver: retail investors are flooding back to the crypto exchange-traded funds that launched early this year. Net inflows into the largest such fund, BlackRock’s iShares Bitcoin Trust, hit a new a record of $1.1 billion on Friday. The fund had $35 billion in assets under management as of Monday, gaining some $12 billion the past month during the run-up to Donald Trump’s election win. Overall, U.S. bitcoin ETFs have been pulling in a daily average of $350 million over the past 20 days, according to Julius Baer. “Bitcoin demand coming across from ETFs has skyrocketed as of late,” said Manuel Rodriguez, an analyst at the Swiss private bank. Other big beneficiaries of the rally have been crypto service providers, including exchanges such as Coinbase and mining firms. “These assets would most benefit from a potential shift in the regulation by enforcement approach,” Rodriguez added. Trump has promised to lessen the regulatory burden on crypto. His son Eric Trump retweeted a meme after the election of a bitcoin flag flying over the White House.
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