© Reuters.
In a report on the cryptocurrency market, JPMorgan said the inflow into bitcoin-based exchange-traded funds was the highest since the start of this week.
The financial institution calculated that initial net purchases of bitcoin-based exchange-traded funds in the United States were approximately $132 million on Thursday, March 14, the 44th day these funds traded.
“Total daily inflows, not including Grayscale Bitcoin Trust, were $389 million, a notable drop from the highest daily inflow of over $1.1 billion seen just days earlier “, commented the analysts.
“However, the funds still saw the largest total weekly inflow since they were first offered, with approximately $2.6 billion in net purchases (including Grayscale Bitcoin Trust) and $4 billion of total inflow (excluding Grayscale Bitcoin Trust) over the five trading days ending March 14.”
The bank also observed that the Grayscale Bitcoin Trust saw a $257 million redemption yesterday. She also mentioned that BlackRock’s Bitcoin exchange-traded fund, IBIT, accounted for almost 90% of the total inflow recorded yesterday, as “other fund issuers saw significantly less activity.”
This article was created and translated with the help of artificial intelligence and has been reviewed by an editor. For further details, please see our terms and conditions.