There has always been the group of Bitcoin (BTC-USD) and cryptocurrency-related investors, but since the launch of the 11 spot Bitcoin exchange-traded funds, TD Securities has noticed that the situation has changed as it is eyeing new money enter the space from other parties.
“What we’re seeing is new money coming into the sector,” said Andres Rincon, managing director and head of ETF sales and strategy at TD Securities.
The institute added that it has observed some capital from existing crypto products moving into new ETF structured products, but at the same time it is also noticing a lot of new money entering the space as institutions like BlackRock and Fidelity now have their names behind space.
“The evolution has been that we now see advisors and investors putting a small allocation into their traditional portfolios. So let’s say 3% or 5%, or what maybe was your exposure to gold before now is your exposure to cryptocurrencies.”
As for inflows into Bitcoin, just a couple of weeks ago the segment hit a mini milestone as the 11 cumulative Bitcoin funds that began trading on January 11 together amassed more assets under management than the largest Bitcoin ETF gold of the world.
Bitcoin-backed managed futures funds and ETFs: (IBIT), (ARKB), (GBTC), (BRRR), (BTCO), (HODL), (BTCW), (FBTC), (BITB), (EZBC) and ( BITO).
Bitcoin Price Action: Bitcoin is currently trading near $67,450 and is +137.6% for a period of 1 year, +145% in the last 6 months, +50.5% since the beginning of the year, e +0.7% in the last month.