Israel’s Cryptocurrency Market Sees Major Development with Upcoming Launch of Bitcoin Mutual Funds

Several Bitcoin Mutual Funds to Go Live in Israel

The upcoming launch of Bitcoin mutual funds in Israel will mark a significant milestone in the country’s cryptocurrency market. The new development comes nearly a year after spot-based Bitcoin exchange-traded funds (ETFs) had their groundbreaking debut in the U.S.

According to data provided by SoSoValue, ETFs have accumulated roughly $110 billion in total net assets since their introduction. Notably, BlackRock’s iShares Bitcoin Trust ETF alone boasts $56 billion worth of assets.

The success of these ETFs has been cited as a key factor driving the substantial growth in the cryptocurrency market, with many predicting that this trend will continue to gain momentum in the coming years.

In related news, the U.S. Securities and Exchange Commission recently approved two additional cryptocurrency ETF products that offer exposure to both Bitcoin and Ethereum.

Eyal Goren, deputy CEO of IBI Funds, has attributed the remarkable success of these ETFs to their ability to make it easier for mainstream investors to gain access to the cryptocurrency market.

In Israel, the approval of Bitcoin mutual funds will undoubtedly be met with enthusiasm by the local investment community. The regulatory greenlight is expected to pave the way for a significant influx of new capital into the country’s cryptocurrency space.

However, some local industry executives have expressed disappointment at the timing of this development, citing missed opportunities for their clients due to the delayed approval process.

As reported by U.Today, the Bitcoin price has experienced a significant surge in recent months, largely driven by the unprecedented success of these ETFs.

Source: u.today