Bloomberg Senior ETF Analyst Eric Balchunas marveled at the inflows spot Bitcoin exchange-traded funds experienced in the first two months following their launch, calling them “simply absurd.”
What Happened: In a series of tweets, Balchunas noted the 10 existing Bitcoin ETFs now hold over $55 billion in assets, with double that amount, $110 billion, having already traded hands this year.
Balchunas further emphasized the significance of this achievement, stating, “If these were the numbers at the end of the year I’d call them a success. To do it in eight weeks is simply absurd.”
Balchunas also highlighted the unexpected rise of the ProShares Bitcoin Strategy ETF IBIT and the Fidelity Wise Origin Bitcoin Fund FBTC, which currently ranked as the number three and number four in terms of year-to-date inflows among all ETFs, rubbing shoulders with established giants such as…
