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Bitcoin ETFs Are Booming—But Self-Custody Growth Just Broke 15-Year Streak
The cryptocurrency market has witnessed a significant surge in the growth of Bitcoin ETFs (exchange-traded funds), with recent records set by US-based spot Bitcoin ETFs. This development marks a critical turning point, as it seems that institutional investors are flocking to these new offerings.
According to the latest data, BlackRock’s iShares Bitcoin Trust has hit an astonishing $80 billion in assets under management, defying all expectations and marking a historic milestone for Bitcoin’s market capitalization. The rapid increase in adoption of ETFs signals a major shift in the investment landscape, as these products become more accessible and appealing to institutional investors.
On a separate note, prominent crypto analyst Willy Woo has shared an intriguing observation, highlighting that the growth rate of self-custody Bitcoin users has been declining steadily for over the past year. This downward trend is quite alarming, considering it signals a 15-year streak broken in the process.
Willy Woo attributed this shift to the rise of spot Bitcoin ETFs, revealing a stark contrast between the two phenomena. It seems that as more investors opt for the institutional route, the demand for self-custody has been diminishing in response.
The implications of these events are far-reaching and will likely reshape the landscape of cryptocurrency trading.
Source: bitcoinist.com
