Bitcoin ETF Buyers Appear to be Chasing Rally, Correlation Data Suggests
- Correlation coefficient for Bitcoin, funds was around 0.87
- Correlation may be get higher, FalconX’s Sheffield says
This article is for subscribers only.
FOMO - fear of missing out - on Bitcoin’s recent rally appears to be helping to drive demand for the batch of exchange-traded funds approved last month to directly hold the cryptocurrency.
The nine new funds that were authorized have seen some of the highest daily investor inflows over the past three days since they were launched. Demand rose as Bitcoin was in the midst of a seven-day rally that pushed the price to $50,000 on Monday for the first time since December 2021.