US Crypto ETF inflows surge, bitcoin bounces back
The nine newly-introduced exchange-traded funds (ETFs) associated with bitcoin experienced a revival in inflows this week, coinciding with a rebound in the cryptocurrency’s price from a slump last week, Reuters reported on Thursday.
The current figures, as pointed out by David Mercer, CEO of LMAX Group, are significantly impacted by Grayscale.
Despite the significance of these inflows for the ETF market, Mercer pointed out that they are merely a rounding error when compared to bitcoin’s total market capitalisation.
He further observed that the flow of ETFs appears to be currently influencing the price of bitcoin. Mercer emphasised that the inability of bitcoin’s price to rally was evident when outflows were observed in the ETFs.
