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Binance CEO Delivers Key Bitcoin ETF Fact

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Tue, 9/07/2024 - 10:37
Binance CEO Delivers Key Bitcoin ETF Fact
Cover image via youtu.be

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High-profile figures in the crypto industry underscore the continued investor interest in Bitcoin despite recent price fluctuations, Binance CEO Richard Teng said in a new X post. As evidence of this continued interest he pointed to the significant inflows into the U.S.-listed Bitcoin ETFs.

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Over the past six months, these ETFs have attracted over $14.7 billion in net inflows, highlighting strong investor confidence in BTC and digital assets in general.

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Teng's findings are in line with recent data from Bloomberg, which shows that investors have viewed the recent price decline as a buying opportunity. Over the past two days, U.S. Bitcoin ETFs have seen a net inflow of $438 million.

This trend indicates bullish sentiment among investors, who remain optimistic about long-term prospects despite the market being shaken in the short term.

Bitcoin's (BTC) price outlook

Since the beginning of June, the price of Bitcoin has fallen by around a quarter, mainly due to concerns over potential token sales by Mt. Gox creditors and sales by the German government. 

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BTC to USD by CoinMarketCap

However, Bitcoin managed to gain 3% since Tuesday to reach $57,600. Despite this rebound, it remains significantly below its record high set in March.

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The steady inflows into ETFs and the recent price recovery highlight that while prices and market caps fluctuate, the long-term outlook for BTC remains positive. Industry leaders, including Teng, advocate maintaining focus and resilience in building the digital asset ecosystem, outlining the principle of long-term fundamentals over short-term price movements.

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