U.S. stock markets fell as members of the Federal Open Market Committee (FOMC) advocated patience in cutting interest rates and warned of persistent inflation.
Despite this, the #bitcoin [BTC] spot #ETF market continues to see net inflows, suggesting that the #cryptocurrency market is resilient amid broader economic concerns. %%%%%%
Eric Bartunas, senior ETF analyst at Bloomberg Intelligence, agreed.
"Much of bitcoin's 40 percent rise since the ETF's launch has occurred in the after-hours, when there was a large price gap between the close and the open ... Great chart showing the correlation between intraday and after-hours IBIT returns (from @psarofagis).According to a BitMEX research report, net inflows into the #BTC spot ETF market increased from $40.2 million on April 2 to $113.2 million on April 3.
Leading the inflows was the Fidelity Wise Origin Bitcoin Fund (FBTC), which recorded net inflows of US$116.7 million on April 3. Additionally, the Bitwise Bitcoin ETF (BITB) recorded net inflows of US$22.6 million during the same period.
Hunter Horsley, founder and CEO of Bitwise Asset Management, in conversation with Anthony Pumpriano at the recent Bitcoin Investor Day event in New York said.
"Bitwise's goal is to be an enabler of cryptocurrency education.
He further said.
"I also think the endorsement of ETFs and the emergence of BlackRock means that cryptocurrencies will not go to zero.
Additionally, Matt Hougan, CIO of Bitwise Asset Management, discussed how ETF recommendations, initially limited to individual investors and independent advisors, have gradually spread to larger organizations and will peak in 2020, 16 years from now.
Despite the limited adoption of ETFs in the U. S. , there remains optimism that they will expand as legislation develops. According to analysts, bitcoin ETFs remove operational complexities and provide a simplified way to invest.
Mr. Horsley said.
He concluded by saying.
Avatar.
Read us at: Compass Investments
