The Resurgence of Bitcoin Drives Traffic to ETFs on Robinhood
Bitcoin’s 175% price surge over the past 12 months has triggered immense interest in BTC ETFs, as seen in the growth of web traffic to these US-based investment products on Robinhood’s website.
Blackrock’s iShares Bitcoin Trust ETF is the largest, with $15.5B flowing into the fund in just over two months, and has 35% of the traffic share of the top five BTC ETFs. Proshares Bitcoin Strategy has 18% of the traffic share, and ARK 21Shares Bitcoin has 10%.
Bitcoin is driving traffic away from stocks
Not only is there an increased interest in Bitcoin ETFs, but also the US-based investment products are taking traffic from traditional stocks on the Robinhood platform.
Bitcoin ETFs face off against Bitcoin Cash
Bitcoin is getting ready to halve its offering in April, meaning that only 450 BTC a day will be created, which will continue to drive interest. This will continue to draw traffic to the ETFs as an alternate way of investing in the popular cryptocurrency.
BTC ETFs increased as a percent of BTC cash (17.2%) in February, a slight decrease from the month before (20.4%). But, it is an extensive YoY increase of 16.3%.
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Report By: Andrea Pash, Senior Content Marketing Manager
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