Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage of important industry events and analyses of market-affecting developments.) exchange-traded funds launched on the U.S. market as last week saw a total of $2.
Those flows were slightly offset by outflows in Germany, Sweden and Canada, which saw profit-taking lead to declines of $76.8 million, $38.7 million, and $34.9 million, respectively. “The robust price action continues to be fueled by the positive momentum of BTC Spot ETFs,” Greco noted. “Last week, the 10 BTC Spot ETFs witnessed a cumulative net inflow of approximately $2.2 billion, bringing the total net inflow since inception close to $10 billion, currently standing at $9.6 billion.”
“Major financial institutions are now actively involved in holding and trading BTC, catering to high-net-worth clients, thereby enhancing the significance and acceptance of digital assets within the financial industry,” he said. “Following the introduction of ETFs, the market promptly experienced increased liquidity and trading volumes, indicating greater capital efficiency.
“This anticipation could be attributed to the launch of ETFs, as market participants began anticipating approval with almost 100% probability at the beginning of Q4 2023,” Greco said. “This coincided with the strong uptrend that propelled BTC price from about $30,000 to the current all-time high of over $70,000. It is possible that BTC Spot ETFs acted as a catalyst, leading to a 6–9-month anticipation compared to previous market cycles.
“Additionally, macroeconomic conditions, including low inflation and expectations of a 50/100bps cut by the Federal Reserve System , suggest a potentially positive outlook for the digital assets market and risk-on assets in general for 2024, as already suggested by the strong performance not only of the digital assets, but also of risk-on assets in general, with several stocks and indexes in the traditional finance market reaching a new all-time high during the first couple of months in 2024,”...
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