By: Isha Das
The recent launch of the first spot Bitcoin ETFs in the U.S. is proving to have significant terms of the global pricing of Bitcoin. Local U.S. markets showed a dramatic increase in Bitcoin prices in anticipation of the launch. According to market data provided by Glassnode, local factors like new financial product launches and regulatory changes have a major impact on the Bitcoin markets. The data also showed a rise in Bitcoin outflows from major U.S.-based exchanges, like Coinbase and Kraken, as investors diversified their holdings in anticipation of the ETF launch. This decrease in liquid supply on exchanges created an upward pressure on prices. Additionally, Ark Invest, Cathie Wood’s investment fund, has allocated $15M to its Bitcoin ETF in an unexpected shuffle. These movements within Ark Invest’s portfolio indicate a focused strategy towards emerging financial structures, like Bitcoin ETFs and continuing to embrace the changes brought on by the introduction of cryptocurrency into mainstream finance.
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