Fun

Bitcoin ETFs legitimized the crypto industry for investors — Storm Partners

News Feed - 2024-06-20 06:06:50

Zoltan Vardai4 hours agoBitcoin ETFs legitimized the crypto industry for investors — Storm PartnersThe approval of the Bitcoin ETFs has offered investors a welcome sign of relief beyond the first publicly traded Bitcoin-based products.819 Total views3 Total sharesListen to article 0:00InterviewOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe approval of United States spot Bitcoin exchange-traded funds (ETFs) has legitimized the cryptocurrency industry in the eyes of investors.


The approval of the first U.S.-based spot Bitcoin ETFs in January has resulted in the launch of the first regulated, publicly traded Bitcoin (BTC)-based investment vehicles.


Moreover, the launch of the Bitcoin ETFs has provided a significant shift in investor mentality, according to Sheraz Ahmed, the managing partner of Storm Partners, who said:“I do believe the [Bitcoin] ETF, not from what it is, but from what it means, has had a large effect. And over the past couple of months, we’ve seen an incredible change in mentality.”


The U.S. spot Bitcoin ETFs have amassed over $57.7 billion worth of Bitcoin in total onchain holdings, according to Dune data.Bitcoin ETF flows. Source: Dune


Related:Kraken says it"s being extorted following bug bounty reportIt’s not the Bitcoin ETFs themselves, but the regulatory nod


Bitcoin ETFs have been a significant step toward legitimatizing the crypto industry, especially in the eyes of the mainstream.


However, it’s not the publicly traded products themselves but the underlying regulatory nod that is offering crypto investors more peace of mind, according to Ahmed:“When I look into people’s eyes, I see that they can finally breathe. This industry is not going away tomorrow. And that reassurance for an entrepreneur is like eight hours of sleep.”Sheraz Ahmed, managing partner of Storm Partners at Decentral House. Source: Storm Partners


Related:Ethereum price to $10K is the most ‘asymmetric bet’ in crypto — AnalystBitcoin ETF inflows take a breather along with the BTC price


On June 10, the U.S. Bitcoin ETFs broke a streak of 20 consecutive days of net positive inflows.


The Bitcoin ETFs have since amassed four days of consecutive net outflows, with over $152.4 million worth of cumulative net outflows on June 18, according to Farside Investors data.Bitcoin ETF flows. Source: Farside Investors


Bitcoin price started falling from above the $70,000 mark on June 7. The outflows from the ETFs saw it correct to an over one-month low of $64,032 on June 18, where it found its current support, according to Bitstamp data.BTC/USD, 1-day chart. Source: TradingView


ETF inflows were a significant price of Bitcoin’s 2024 price rally. By Feb. 15, Bitcoin ETFs had accounted for about 75% of new investment in the world’s largest cryptocurrency as it surpassed the $50,000 mark.


Magazine:Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame# Bitcoin# Bitcoin Price# Adoption# Bitcoin Investors Trust# Bitcoin Adoption# Bitcoin ETFAdd reaction

News Feed

Chamber of Progress says Biden can ‘still win’ on crypto against Trump
Turner Wright5 hours agoChamber of Progress says Biden can ‘still win’ on crypto against TrumpAccording to the advocacy group, the US president still has an opportunity to counter Donald Trump’s “change of heart
Belgian MP to Receive Entire Salary in Bitcoin — Says Crypto Adoption Will Be ‘Exponential’
Belgian MP to Receive Entire Salary in Bitcoin — Says Crypto Adoption Will Be "Exponential" A member of the Brussels Parliament, Christophe De Beukelaer, says he will receive his
Democrats and Republicans Agree Cryptocurrency Is the Future of Finance, Survey Shows
Democrats and Republicans Agree Cryptocurrency Is the Future of Finance, Survey Shows A new survey has revealed that Democrats and Republicans agree cryptocurrency is the future of
Rebase Token Economy Dropped From $8 Billion to $577 Million in 7 Months
Rebase Token Economy Dropped From $8 Billion to $577 Million in 7 Months Seven months ago, the top rebase crypto tokens by market capitalization were collectively worth $8.03 billi
Coinbase cites Binance BNB token precedent in SEC petition
Vince Quill5 hours agoCoinbase cites Binance BNB token precedent in SEC petition“Rulemaking is required here because the SEC has adopted a novel and sweeping, yet still indeterminate, view of the securities laws,” at
Martin Young4 hours agoBitcoin ETFs to push US slice of crypto ETF trading volume to 99.5% — AnalystApproval of spot Bitcoin ETFs in the United States will likely push the country"s share of crypto ETF trading volumes
Gold Investors Are Terrified Central Banks Might Dump Bullion During the Economic Crisis
Gold Investors Are Terrified Central Banks Might Dump Bullion During the Economic Crisis Despite what gold bug Peter Schiff says, economists are uncertain that gold will shine du
Report: Goldman Sachs Looks to Buy Distressed Assets From Celsius, Crypto Lender Seeks Restructuring Advice
Report: Goldman Sachs Looks to Buy Distressed Assets From Celsius, Crypto Lender Seeks Restructuring Advice After the crypto lending platform Celsius halted operations on June 12,
Base and SOL memecoin market caps plummet 19% and 12% in 24 hours
Ciaran Lyons6 hours agoBase and SOL memecoin market caps plummet 19% and 12% in 24 hoursMati Greenspan suggests the memecoin market is crashing because the joke is over, while Charles Edwards points to memecoins sufferin
Finance School Bentley University Now Accepts Cryptocurrency Payments for Tuition
Finance School Bentley University Now Accepts Cryptocurrency Payments for Tuition Bentley University, the private university located in Waltham, Massachusetts, has revealed it now
Bitcoin Inflows in Past 30 Days Exceed BTC’s Total Market Cap in 2017 and 2019, Says Report
Bitcoin Inflows in Past 30 Days Exceed BTC"s Total Market Cap in 2017 and 2019, Says Report The total amount of capital inflows into bitcoin during the 30 days t
WATCH: What Are the Main Takeaways From Deribit’s $1.3 Million Flash-Crash?
  Delphi Digital Co-Founder Yan Liberman joined CoinDesk’s Brad Keoun on Monday, Nov. 4, to talk about last week’s flash crash on Deribit, a Netherlands-based cryptocu