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Since the launching of spot Bitcoin Exchange Traded Funds (ETFs) in exchanges in the United States, as of January this year; Bitcoin's price has been remarkably affected by Bitcoin ETFs. This launch of Bitcoin ETFs has made it possible for institutional investors to get into cryptocurrency.
These institutional investors were in the past unwilling to enter the crypto industry, as a result of unstable regulations, and difficulties in safely holding crypto assets. Due to the attractions that spot Bitcoin ETFs experienced, the value of Bitcoin reached $73,750 in March this year; which was a new all time high.
Not long after the introduction of spot Bitcoin ETFs, there was massive investment into the cryptocurrency industry. Although, the inflows came to a halt around April and May 2024, in which case there was significant outflows that exceeded $1.2 billion.
Regardless of this drop in investments into crypto, in the last 2 weeks; there has been a revival. Spot Bitcoin ETFs have experienced inflows of about $1.3 billion. These current inflows, have made up for the outflows in April and May 2024; resulting in total profits of about $12.3 billion since spot Bitcoin ETFs launch.