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US Bitcoin ETFs Still Not Worthless Despite Continuing Existence

An illustration of a giant Bitcoin in the center with various smaller Bitcoins surrounding it on different levels; some are moving upwards while others fall down from above or disappear into cracks below; at the top left corner is an image resembling Blackrock's logo and to its right Fidelity's, both pointing towards the rising Bitcoins. Below them lies GBTC which has a crack in it with coins spilling out of it as they move downwards. The remaining funds are shown on different levels around the giant Bitcoin but without any movement or change;

The crypto bros are at it again! They’re celebrating their precious Bitcoin ETFs making gains for the ninth day in a row because apparently that’s something to get excited about. Meanwhile, I’m over here wondering what kind of sorcery is behind these “ETFs” and how they manage to make money off of nothing (okay maybe not literally but it feels like it

Source: bitcoin.com

U.S. spot bitcoin exchange-traded funds (ETFs) achieved their ninth consecutive day of gains on Wednesday, amassing $53.35 million. Blackrock’s IBIT garnered $110.37 million in inflows, whereas Grayscale’s GBTC experienced $53.86 million in outflows. On July 17, the 11 spot bitcoin ETFs recorded $1.79 billion in trade volume and witnessed $53.35 million in inflows. Blackrock’s IBIT absorbed approximately $110.37 million, raising the fund’s reserves to 323,832.97 BTC, worth $21 billion. Fidelity’s […]

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