In an interview with CNBC, Samara Cohen, the head of BlackRock ETFs, said that the majority of demand for Bitcoin originates via financial vehicles such as ETFs, rather than from direct purchases made from cryptocurrency exchanges. She brought attention to the fact that eighty percent of Bitcoin exchange-traded funds (ETFs) are purchased by direct investors, and seventy-five percent are first-time purchasers of BlackRock's iShares products. Over $63 billion is now the entire market value of all 11 spot Bitcoin exchange-traded funds (ETFs), and approximately $20 billion has been brought in by investors. Five trading days ago, spot Bitcoin exchange-traded funds (ETFs) had net inflows of more than $2.1 billion, with BlackRock being responsible for half of those inflows.
In the third quarter, Bitcoin reached its highest price since July, trading around $68,300. This is a year-over-year increase of 140%. Additionally, Cohen stressed that their first objective was to educate ETF investors about cryptocurrency; however, they realized that they were really educating cryptocurrency investors about the advantages of investing in ETFs.
The United States Securities and Exchange Commission (SEC) gave rapid clearance on Friday for eleven exchange-traded funds (ETFs) to list and trade options related to spot Bitcoin prices on the New York Stock Exchange (NYSE). This approval was given by the securities regulator. In light of the fact that Bitcoin options provide institutional investors a versatile and effective instrument for hedging and amplifying their exposure to Bitcoin, this is a significant step forward for investment institutions.
These options provide investors with a means of speculating or hedging risks associated with the fluctuations in the price of Bitcoin inside a regulated market. In comparison to trading the real asset, the amount of cash needed is far lower. Eric Balchunas, an analyst at Bloomberg, has provided his commentary on yet another momentous occasion for the cryptocurrency sector. The Securities and Exchange Commission (SEC) recently gave its approval to the same thing for Nasdaq, so this news does not come as a great surprise to him, despite the fact that it is excellent news for cryptocurrency in general.
Looks like Wall Street don't trust internet gold
