- Bitcoin ETFs are seeing record inflows, indicating growing investor demand amid a bullish market.
- China’s former finance minister warns of the risks of cryptocurrency and calls for careful investigation into its claims.
Discover Bitcoin after a period of uncertainty [BTC] Exchange Traded Funds (ETFs) appear to be gaining momentum again, marked by unprecedented inflows.
Bitcoin ETF update
The latest data is from September 27 Farside Investors revealed cumulative inflows of $494.4 million into Bitcoin ETFs, with markets closed over the weekend of September 28 and 29.
While BlackRock’s iShares Bitcoin Trust (IBIT) typically leads the way in terms of inflows, the ARK 21Shares Bitcoin ETF (ARKB) took the spotlight this time with an impressive $203.1 million in new investments.
Closely followed by Fidelity’s FBTC, which raised $123.6 million, and IBIT, which raised $110.8 million.
Other ETFs also saw substantial inflows, including Grayscale’s GBTC, which surprisingly reversed the usual trend of outflows with a notable inflow of $26.2 million.
Bitcoin’s price performance
The steady inflows into Bitcoin ETFs indicate growing interest among investors as Bitcoin has managed to regain its value amid a bullish market trend.
Just a few days ago, Bitcoin faced challenges that crossed the $60,000 mark, but on September 27, it rose to $65,000.
However, as reported by CoinMarketCapThe last price (i.e. on September 30) of Bitcoin is $63,602, which reflects a slight decline of 2.92% in the last 24 hours.
These price swings highlight the volatile nature of the cryptocurrency market, even as interest in Bitcoin investment products continues to rise.
What else is going on?
Amid this news, there was other news surrounding Bitcoin ETF, as highlighted by Bitcoin whale on X,
“Spot #Bitcoin ETFs Bought 17,009 $BTC This Week.”
However, they also noted that BTC Miners only created 2,250 additional Bitcoin this week, highlighting:
“Demand exceeds supply.”
Former Chinese Finance Minister Against Bitcoin ETF?
Amid the growing interest in cryptocurrency, former Chinese Minister of Finance Lou Jiwei urged careful examination of crypto progress at the 2024 Tsinghua Wudaokou Chief Economists Forum in Beijing.
He warned of risks to financial stability, including volatility and money laundering, while noting the changing U.S. posture, especially after the SEC approved spot Bitcoin ETFs.
He said,
“We also need to study the latest international changes and policy adjustments, as these are crucial for the development of the digital economy.”
Thus, as cryptocurrency adoption continues to rise and the industry evolves, it will be intriguing to observe how these developments unfold and what implications they have for the future.