The market for exchange-trading funds that track the price of Bitcoin exactly gained $30.4 million as five of the ten allowed ETFs made more money than GBTC lost.
The price of PTC dropped to $63,937 before the halving day, and investments in Bitcoin-related ETFs saw more money come in than go out in the US. This was the result of money exiting the market for five consecutive days.
Since many experts predicted that the token’s value would increase following the halving, they recommended using it in investment plans across the globe. This was also taken by investors in Bitcoin ETFs since it ended the wave of withdrawals that began on April 12.
The U.S. ETF market for this crypto saw money left for five consecutive days due to a lack of inflows from April 12 to April 18, according to Farside data because most of the participants didn’t contribute.
Bitcoin ETF Dynamics: Market Shifting Flows and the Rise of Bitcoin’s Value
The Grayscale Bitcoin Trust ETF (GBTC) is the primary source of money exiting the market. This has been taking place because the Securities and Exchange Commission (SEC) approved more ETFs that follow the price of that currency in January.
On April 19 five of ten ETFs were bridging in more money than they were spending, which was greater than the loss of GBTC, and as a result, the market earned $30.4 million.
There was a net inflow of $54.8 million into the Fidelity Wise Origin Bitcoin Fund (FBTC) after deducting the total amount of money leaving GBTC ($45.8 million) and FBTC ($1.8 million) before the halving event.
Invesco Galaxy Bitcoin ETF (BTCO) was $3.9 million, Bitwise BTC ETF (BITB) was $4.9 million, ARK 21 Shares Bitcoin ETF (ARKB) was $12.5 million, and Franklin Bitcoin ETF (EZBC) was $1.9 million.
That token underwent its most recent halving for $8,500 on May 11, 2020.
According to Cointelegraph Markets Pro and TradingView, the price of this digital currency increased to almost $65,000 over four years as the supply of new coins dropped.
