Will 2024 mark the definitive advent of bitcoin as a safe haven for investors? At the end of May, it is clear that the crypto queen has never been so courted. The figures speak for themselves: the famous net inflows into the Bitcoin ETFs exposed to this future investment have broken a new historic record with 13 consecutive days of massive subscriptions! A real buying frenzy that propels the bitcoin king a little further towards widespread institutional adoption.
Bitcoin, still the star of cryptocurrencies
Buoyed by this unprecedented wave of enthusiasm, Bitcoin continues to reign undisputed master in the kingdom of cryptocurrencies. According to the data, net inflows into Bitcoin ETFs reached $48.706 million on May 30, bringing total historical inflows to $13.809 billion. An astronomical figure which testifies to the solidity of this investment among institutional and individual investors.
Among the leading ETFs, BlackRock's iShares Bitcoin Trust recently dethroned the Grayscale Bitcoin Trust (GBTC) by becoming the largest Bitcoin fund in the world with nearly 20 billion dollars assets under management. Furthermore, despite initial concerns, withdrawals from the Grayscale fund have been relatively moderate at $17.7 billion since its transition to an ETF.
Ethereum, the new Eldorado of ETFs?
Bitcoin is no longer the only one to benefit from this ETF madness. Indeed, the American regulator has given the green light to 19 Ethereum ETF applications. A major breakthrough which could well revive the frantic race for alternative cryptos in the very short term.
Among the lucky ones, we find heavyweights like VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton and many others. However, most issuers had to give up Ether staking to obtain the precious regulatory pass. A major sacrifice for these funds, but a necessary evil in order to broaden their audience to the most prudent institutional investors.
There is no longer any doubt, Bitcoin and Ethereum ETFs represent the new standard for crypto investment in 2024. Showing widespread institutional adoption of these two behemoths, this new generation of funds further propels this asset class at the forefront of the financial scene. An excessive craze which continues to grow over the weeks, to the point of bordering on euphoria on the derivative markets of the main cryptos.
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