Pyth Network, a blockchain market data provider, has recently introduced price feeds for 13 Bitcoin exchange-traded funds (ETFs). This move allows developers in the decentralized finance (DeFi) sector to access accurate price data for Bitcoin ETFs.
The approval of Bitcoin ETFs in the United States in January 2024 was a significant milestone for the cryptocurrency industry. It provided regulated exposure to Bitcoin for mainstream investors who were still hesitating to enter the market directly.
Pyth Network’s latest initiative aims to bridge the gap between traditional finance (TradFi) and DeFi. By providing real-time data on ETFs to DeFi developers, Pyth Network hopes to expand portfolio options, improve risk management strategies, and attract institutional capital on-chain to enhance liquidity.
This integration by Pyth Network will offer valuable insights into the DeFi ecosystem. The 13 Bitcoin ETF prices available include ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Global X Blockchain & Bitcoin Strategy, Valkyrie Bitcoin Fund, Invesco Galaxy Bitcoin ETF, WisdomTree Bitcoin Trust, Valkyrie Bitcoin and Ether Strategy ETF, Hashdex Bitcoin ETF, Franklin Bitcoin ETF, Fidelity Wise Origin Bitcoin Trust, Grayscale Bitcoin Trust, VanEck Bitcoin Trust, and iShares Bitcoin Trust.
In addition to Bitcoin ETF prices, Pyth also supports various other ETFs such as (SPDR) Dow Jones Industrial Average ETF Trust, (DOW) Dow Jones Industrial Average, and (VOO) Vanguard S&P 500 ETF.
Bitcoin ETFs have seen significant net inflows of $2.2 billion in just one week from February 12-16. This volume surpasses the inflows received by any other among the 3,400 ETFs available in the United States.
On February 14, BlackRock’s Bitcoin ETF reached over 100,000 BTC under management, reflecting the company’s aggressive buying since its ETF launch in January.
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