Friday, July 19, 2024

Bitcoin ETF approval triggers $1.18 billion Crypto cash grab.

Billions of dollars poured into investment products as a result of the spot Bitcoin ETF acceptance, yet the event’s publicity failed to make history. The first money flow that was reported upon the approval of the Futures Bitcoin ETF in 2021 is still the highest.

Bitcoin institutional influx change the course of history
$1.14 billion was invested in Bitcoin alone as a result of the approval of the Spot Bitcoin ETF, according to statistics provided by CoinShares. Even though the approval was a worldwide event as of January 12, the statistic fell short of the benchmark set by Futures Bitcoin ETFs.

The research states that at the time of their October 2021 launch, futures-based Bitcoin ETFs had a total market value of $1.50 billion. Compared to last week’s result, this one is 31.5% higher.

Nevertheless, last week’s total ETP (exchange traded product) trading volume, which came in at $17.50 billion, did shatter a few records. By contrast, in 2022, there was an average weekly trade volume of $2.00 billion.

Compared to the typical range of 2% to 10%, this sum represented about 90% of the daily trade volume observed on reliable exchanges.

Solana is standing calmly
The absence of inflows into Solana was another unexpected development, in addition to the trading volume surpassing records.Though SOL attracted the most institutional investment among altcoins in 2023, it is currently facing downward price action.

Solana’s demand exceeded the total amount of money invested in Ethereum throughout the course of the previous year. SOL had inflows of $167 million, whereas ETH saw institutions invest $78 million in the asset.

For SOL, 2024 is a different story. As of January 12, Solana has only received $500,000 in weekly inflows, compared to $5 million removed from the property since the year’s beginning. Although the approval of the spot Bitcoin ETF has temporarily reversed the demand, this could change in the future.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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