Bitcoin (BTC) ETFs Experience Surge in Inflows, Pushing Prices Above $66,000 on Third Consecutive Day

• In another remarkable day for cryptocurrency investments, US-based spot Bitcoin Exchange Traded Funds (ETFs) witnessed a substantial influx of capital, totaling $257.3 million on Thursday.
• The Grayscale Bitcoin Trust (GBTC) reported a positive inflow of $4.6 million, continuing its upward trend for the second day.
• “Yesterday’s ETF flows by FarsideUK was entirely positive again for $257.3 million. After the price going back to $66.500 on Wednesday, we had some consolidation and it’s now [above $66,000].” – WhalePanda (@WhalePanda)

Explore the recent surge in US-based Bitcoin ETFs, highlighting a renewed investor confidence and significant capital inflows.

Old Bitcoin ETF Debate Reignites

Amidst the inflow of excitement, a seasoned debate concerning the transparency and potential for market manipulation within the Bitcoin ETF ecosystem resurfaced yesterday.

Concerns Over Off-Chain Transactions

Tyler Durden, a pseudonymous crypto commentator, expressed concerns about the off-chain recording of Bitcoin transactions by large institutions like BlackRock, sparking discussions on transparency and regulation.

Industry Experts Defend ETF Practices

Dave Weisberger, chairman of CoinRoutes, defended the practices imposed by regulatory guidelines, emphasizing that ETFs are required by their charter to hold full backing in spot Bitcoin for all settled shares.

Conclusion

The recent developments in the Bitcoin ETF sector highlight both the growing investor interest and the ongoing debates about transparency and regulation. As the market evolves, these discussions are crucial for shaping the future of cryptocurrency investments.