Saturday, 20 April 2024

Crypto News

Spot ETFs See Third Largest Day Since Debut; Galaxy Fox Sets New Milestone

Spot ETFs See Third Largest Day Since Debut; Galaxy Fox Sets New Milestone

On February 8th, spot Bitcoin exchange-traded funds (ETFs) saw their third-largest influx, totaling $403 million, marking a significant milestone in the cryptocurrency market. Meanwhile, Galaxy Fox, considered by many investors and analysts to be the best upcoming ICO, reached a new milestone of its own. Let’s delve into these exciting developments and what they mean for investors.

Spot ETFs See Third Largest Day Since Debut

Spot Bitcoin exchange-traded funds (ETFs) witnessed an impressive surge, marking their third-largest influx since their debut, totaling a staggering $403 million. This occurred despite over $100 million exiting the Grayscale Bitcoin Trust (GBTC), indicating a notable shift in investor sentiment. 

Since their launch on January 11th, these spot Bitcoin ETFs have garnered considerable attention, with the recent total inflow surpassing $2.1 billion, highlighting a robust demand for Bitcoin in the market.

The surge in inflows coincided with Bitcoin’s price trajectory, which surged past $46,000, reaching a new multi-week high and coming within $2,000 of touching new yearly highs. Notably, the BlackRock iShares Bitcoin Trust (IBIT) led the ETF flow chart, with an inflow of $204 million, followed by Fidelity with $128 million, ARK 21Shares with $86 million, and Bitwise with $60 million. This influx underscores a growing investor appetite for Bitcoin-related investments despite fluctuations in other investment vehicles like GBTC, which recorded significant outflows during this period.

The remarkable feat of IBIT surpassing GBTC’s daily trading volume within a relatively short span since its launch signals a significant shift in the dynamics of Bitcoin investment vehicles. Traditionally, it takes several years for a new fund to rival the liquidity of established players in the market. The confident flow into Bitcoin ETFs therefore not only reflects investor appetite but also implies a substantial amount of Bitcoin being withdrawn from circulation and moved into cold storage, potentially impacting market dynamics.

Galaxy Fox Sets New Milestone – Finally Entered Stage 8 in Presale

Now, let’s delve into the world of Galaxy Fox, the best upcoming ICO project that’s making waves with its foray into the GameFi space. The project blends the best of blockchain technology and gaming, offering both entertainment and…

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