New Bitcoin-Linked ETFs See Surge in Inflows Amid Price Recovery

This week, nine newly launched bitcoin-linked ETFs have seen a resurgence in inflows, riding on bitcoin's price recovery from last week's slump. Todd Rosenbluth of VettaFi highlights the revived interest in these ETFs following Bitcoin's rebound. Within just two days, these ETFs attracted nearly $1 billion, with BitMEX Research noting a shift in leadership to Fidelity's Wise Origin Bitcoin Fund, which garnered $540.9 million, outpacing BlackRock's $197.7 million. In contrast, Grayscale's Bitcoin Trust experienced $562.4 million in outflows, indicating a divergent trend. Despite these significant ETF movements, LMAX Group CEO David Mercer views them as minor compared to bitcoin's overall market cap. Yet, he acknowledges ETF flows' current influence on Bitcoin's price dynamics, suggesting a correlation between ETF inflows and bitcoin's price stability.