In response to the action, Bitcoin established yet another price record, this time surpassing $73,000 in the United States.
ETFs that invest in Bitcoin provide investors with a regulated exposure to the cryptocurrency without requiring them to directly own the cryptocurrency.
The launch of spot Bitcoin exchange-traded funds (ETFs) has had a profound impact on the cryptocurrency market, as seen by the fact that inflows have surpassed eleven billion dollars in just two months.
The success of these investment products can be attributed, in part, to the fact that they are able to track the price of Bitcoin while simultaneously enabling investors to trade shares on regular stock markets.
With the exception of Grayscale's GBTC ETF, BlackRock's iShares Bitcoin ETF (IBIT) has become the largest spot Bitcoin ETF. This convenience has resulted in a huge amount of capital being invested in the cryptocurrency.
Bitcoin is also getting closer to its halving, which is an event that occurs every four years and cuts the amount of Bitcoin that is being added to the network by fifty percent.
Observers of the market anticipate that the slowing pace of supply growth for Bitcoin will contribute to the asset's scarcity, which will ultimately result in the asset's price having a higher value.
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