Bitcoin ETF

Bitcoin

Hedge

Bitcoin (BTC), the biggest cryptocurrency, witnessed a drawdown in June after recording a skyrocketing 1st quarter and not up to the mark 2nd second quarter. BTC price printed a red index on the 30 day time period, hinting at a drop down in spot <a href="https://news.todayq.com/bitcoin-etfs-see-154-mln-outflow-will-cpi-data-reverse-trend/" rel="noopener noreferrer nofollow">Bitcoin exchange-traded funds</a> (ETFs) popularity among investors. Bitcoin ETF not helping much 
The introduction of BTC ETFs earlier this year marked a major milestone for the crypto industry. Samara Cohen, BlackRock’s CIO of ETF and index investments, reportedly said that around 80% of Bitcoin ETF purchases have been made by self-directed investors. These investors use online brokerage accounts to make their allocations.
Hedge funds and brokerages have also been buyers, as indicated by the 13-F filings from the last quarter.
Bitcoin price dropped marginally in the last 30 days after hitting a new all time high recently. BTC price is down by 5% in the last 7 days while it is still up by 9% in the last 60 days.
Bitcoin is trading at an average price of $66,196, at the press time. Its 24 hour trading volume is up by 47% to stand at $17.5 billion with a market cap of $1.3 trillion.&nbsp;
RIAs have been more cautious about adopting Bitcoin ETFs. Their concerns include BTC’s price volatility and the nature of the asset class with regulatory compliance issues.
BlackRock’s CIO of ETF views Bitcoin ETFs as a bridge between crypto and traditional finance. This allows investors to make allocations to crypto without managing risk across two different ecosystems. What do experts say? 
Alesia Haas, Coinbase’s CFO, described Bitcoin as being on a “slow journey of adoption.” This process is echoed by other industry leaders who recognize the time it takes for broader acceptance.
Experts noted that some investors view a 1% allocation to Bitcoin as safe. However, they highlighted the psychological aspect of adoption. It suggests that investors need time to get comfortable with the new asset class.
The US Securities and Exchange Commission (SEC) and other regulatory bodies have tight requirements for financial products that are linked to crypto assets.&nbsp;
The global digital assets market dropped marginally on Monday morning. The cumulative market cap stood at $2.41 trillion after the recent dump. The 24 hour trading volume is up by 24% to stand at $51 billion.

Are Bitcoin ETFs falling out of favor? June’s market shocker

Todayq News

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