Bitcoin ETF

Bitcoin

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Bitcoin exchange-traded funds recorded <a href="https://x.com/pivfund2100/status/1821361612655353874">net inflows of $45.6 million</a> on Wednesday.&nbsp;
Unsurprisingly, BlackRock's IBIT is in the lead with $53 million worth of inflows. WisdomTree's ETF is in a distant second place with $10.5 million.&nbsp;
Grayscale's Bitcoin Mini Trust ETF comes in third place with $9.7 million.&nbsp;&nbsp;&nbsp;
These inflows were able to offset the $30.6 million worth of inflows recorded by <a href="https://u.today/grayscale-shocks-community-with-10x-ethereum-etf-fee">Grayscale</a>.&nbsp;
Meanwhile, Bitcoin is currency trading at $57,159, up 0.4% over the past 24 hours.&nbsp;
Earlier this month, the cryptocurrency endured a massive crash in tandem with global stock markets. On Aug. 5, it collapsed to $49,577, the lowest level since early February.&nbsp;
However, the cryptocurrency has managed to recover in a relatively short span of time. Despite its speedy recovery, the Bitcoin crash has once again undermined the narrative that the crypto king can possibly serve as a reliable store of value considering that it was acting like a typical risk asset.&nbsp;
On a positive note, Bitcoin ETF buyers barely budged during the recent sell-off. For instance, BlackRock's IBIT did not record any outflows during the recent market mayhem. This fact flies in the face of critics like financial commentator Peter Schiff, who recently&nbsp;<a href="https://u.today/schiff-bitcoin-etf-buyers-to-jump-off-once-things-get-rough">predicted</a> that ETF buyers would be the first to jump ship.&nbsp;
In the meantime, Bitcoin ETFs continue to gain more mainstream acceptance, with banking giant Morgan Stanley recently authorizing thousands of financial advisers to pitch these products to clients.&nbsp;
The launch of Bitcoin ETFs earlier this year propelled the leading cryptocurrency to its current all-time peak in March. Bitcoin is currently down 22% from its record high.&nbsp;

Bitcoin ETFs Record Inflows as BTC Reclaims $57K

U_Today

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