Bitcoin ETFs attract $1.08 billion in 3 days but it may not be enough for a steep rally
BTC when published $82,853Now $80,595 ▼ −2.73% since it was published
Bitcoin BTC $84,459.46 exchange-traded funds (ETFs) are back in favor, but not yet at the pace that has historically fueled steep rallies. These U.S.-listed funds have pulled in over $1 billion in investor money this week, according to SoSoValue data. Analysts are calling it a sign of renewed institutional bid for the cryptocurrency, with a warning that the pace must remain robust for a sustained uptick in bitcoin's price. "Institutional demand shows tentative improvement. However, flows remain volatile and sustained inflows are needed to confirm a stronger recovery," Vikram Subburaj, CEO of India-based Giottus, said in an email. History offers some support. Steep uptrends have been characterized by average daily net inflows of over $200 million.
First reported by CoinDesk. This page is a short excerpt; the full text is theirs.
