Claim $500Bitcoin ETFs Dominate US Market in Q1 2024
Highlights
- Bitcoin ETFs drive investor sentiment in the market.
- Traditional investors pour funds into the crypto market.
- Analysts look to the halving to shape narratives in Q2 2024.
Bitcoin (BTC) ETFs have changed the entire cryptocurrency landscape in 2024 creating a window for new traditional investments into the market. Last year, the optimism for spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) sent the market to new highs not recorded since 2021.
Bitcoin ETFs were approved on Jan 11 and recorded success throughout the first quarter of the year with inflows and price upticks. A new Reuters report shows a sharp leaning toward Bitcoin ETFs and Artificial Intelligence (AI) trends in the United States market.
ETF Market Dominate Trends
The last three months saw notable flows to ETFs with issuers recording billions. Most times, funds flow to newly approved ETFs as liquidations continue from older ones. A major reason for this was due to the price efficiency of new products approved on Jan 11.
BlackRock, Vanguard, and State Street maintain the lead on the scene with approximately 75% of assets. According to data from TrackInsight, the Fidelity Wise Origin Bitcoin Fund now has $10 billion in assets marking new flow to new products. These new positions have sparked a rise in the total assets under Fidelity by 16%. Aside from ETFs, other trends like artificial intelligence computing dominated investors’ techniques in Q1 2023.
Bitcoin ETFs Rally Crypto Markets
The cryptocurrency market came out of new lows at the start of 2023 as a result of the bear market of 2022. The bear market was the end of the 2021 bull market that saw Bitcoin hit a new all-time high. The collapse of Terra’s stablecoin and the subsequent implosion of FTX led to rapid outflows from Bitcoin and other assets. However, the following year saw renewed appetite in the market on the back of BlackRock’s ETF application.
The move triggered similar moves by several asset management firms leading to widespread anticipation for the products. In December, Bitcoin price hit $44,000 with new inflows recorded in the market. After the approval of Bitcoin ETFs, the price of the asset has soared to a new all-time high above $72,000.
Several crypto analysts opine that more highs could be recorded this year as the market frenzy continues. The upcoming Bitcoin halving is another positive indicator that points the crypto market upwards, commentators say.
Read Also: Jim Cramer Just Rattled Bitcoin (BTC) HODLers
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- XRP Holders Eye ‘Institutional Grade Yield’ as Ripple Engineer Details Upcoming XRPL Lending Protocol
- Michael Saylor Sparks Debate Over Bitcoin’s Quantum Risk as Bitcoiners Dismiss It as ‘FUD’
- Ethereum Faces Selling Pressure as BitMEX Co-Founder Rotates $2M Into DeFi Tokens
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
