Bitcoin ETFs return to inflows

Bitcoin Exchange Traded Funds (ETFs) attracted Tickets worth $101 on Wednesday, according to the most recent update.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) takes first place with inflows worth $50.6 million.

BlackRock’s iShares Bitcoin Trust (IBIT) and Bitwise Bitcoin ETF (BITB) take second and third place with inflows worth $15.6 million and $14.5 million, respectively.

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Tue, 06/11/2024 – 18:39

Peter Schiff Issues Important Bitcoin Warning: ETFs Won’t Save You

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As Guru-Investingreported, Bitcoin price saw a major correction earlier this week after Bitcoin ETFs ended their 19-day inflow streak. On Tuesday, the leading cryptocurrency fell to as low as $66,011 on the Bitstamp exchange.

On Wednesday, Bitcoin rose sharply after the latest US Consumer Price Index (CPI) report showed inflation was cooling. However, it then trimmed most of these gains later that day after the Federal Reserve signaled it would implement only one rate cut. Additionally, Federal Reserve Chair Jerome Powell said the Fed would need to shore up confidence in inflation before considering easing monetary policy.

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BlackRock Bitcoin ETF Outperforms Rivals as This Crucial Metric Hits New High

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As reported by U.TodayGold enthusiast Peter Schiff recently warned Bitcoin bulls that ETFs would not save them as their buyers are future sellers.

Michael Allegue, chief investment officer at MassMutual, recently told CNBC that institutional investors gaining exposure to Bitcoin ETFs will not be “diamond” holders due to portfolio rebalancing.