The surge in Bitcoin price has helped many institutional investors to reduce their operational costs annually.
In a recent development, DigitalX, an Australian fund manager has said that it has seen a massive reduction in its operations cost of $950,000 annually through restructuring its funds management team.
It is worth noting that its BTC Fund has seen a staggering profit of 99 percent annually, making it a top contender among the leaders of its category.
As per the latest data of the company its fund for digital assets has posted a growth of 526 percent in the past five years, yet it saw a decline of 2.1 percent in the past quarter.
From the first day of the year till writing Bitcoin prices have registered a massive spike of 109 percent reaching $90,000 as of writing. In all time frames, BTC has seen profitability and its path from $1 to $90k was quite hard, but it maintained its credibility and reached new heights.
In July 2024, the Securities and Exchange Commission of Australia approved the Bitcoin ETF proposed by DigitalX. This ETF, a collaborative effort with K2 Asset Management and Canadian digital asset firm 3iQ, builds on 3iQ’s experience of launching some of the first crypto ETFs in Toronto back in 2021.
What is the Bitcoin ETF Market Expecting?
The recent presidential victory of Donald Trump in the United States has significantly impacted the cryptocurrency sector, spurring growth and optimism. BlackRock’s Bitcoin exchange-traded fund (ETF) has been one of the key beneficiaries, witnessing a notable surge in trading activity during this period.
Market experts predict that Donald Trump’s proposed crypto policies could be a significant boon for the industry, potentially benefiting assets beyond Bitcoin.
On October 25, a Bloomberg ETF analyst described the filings for crypto index ETFs as “call options on a Trump victory” in the U.S. presidential election, highlighting the market’s anticipation.
However, on November 4, just a day before the election, 11 spot Bitcoin ETFs experienced outflows totaling $541.1 million. This marked the largest outflow since May 1, 2024, when $563.7 million was withdrawn. The May event followed a 10.7% drop in Bitcoin’s value, which had dipped to approximately $60,000 at the time. Until yesterday, no other day had recorded outflows of such magnitude.
On November 4, the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) recorded substantial outflows of $169.6 million and $138.3 million, respectively.
Meanwhile, the Grayscale Bitcoin Trust (GBTC), which has consistently seen strong inflows throughout the year, experienced its fifth inflow of 2024, amounting to $63.7 million a notable contrast to its typical performance.
