ETF expert Eric Balchunas has downplayed the recent drama surrounding the alleged failure of Bitcoin ETFs.
Balchunas has pointed to the fact that these products recently returned to inflows. This flies in the faces of the skeptics who were ready to write these products off after a series of disappointing outflows.
The year-to-date inflows of Bitcoin ETFs are now back to $17.1 billion, according to data provided by Balchunas.
The analyst mocked both cryptocurrency proponents and critics for being too "reactionary," noting that equity investors do not typically act this way.
Vladislav SopovFollowing the introduction of Bitcoin ETFs, Bitcoin managed to reach a new all-time high before the quadrennial halving, racing ahead of the two previous cycles.
These products turned out to be a massive success right after their debut. However, there have been several periods of persistent of net outflows that contributed to souring sentiment and doom-laden predictions.
This time around, these products have managed to bounce back once again. After recently suffering from a prolonged period of outflows, these products logged more than $117 million worth of inflows on Tuesday.
Vanguard still does not care
While the cryptocurrency community keeps insisting that financial giant Vanguard has regretted its decision to snub Bitcoin ETFs, Balchunas is convinced that this is not the case. "Vanguard does not care about Bitcoin and has no regrets," he added.
As reported by U.Today, Salim Ramji, Vanguard's newly appointed CEO, has rejected the idea of launching a Bitcoin ETF.
Gamza Khanzadaev