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Bitcoin price could hit $46,000 as the allure of US BTC ETFs expand beyond China
Bitcoin (BTC) price has pushed north after a prolonged period of consolidation, with the change coming on the back of new revelations that the allure of US ETFs has spread beyond China.
Allure of US Bitcoin ETF expands beyond China
Eric Balchunas, an exchange-traded funds (ETF) specialist with Bloomberg, has indicated that besides China, Europe and Canada have joined the list of regions drawn to the US ETF market.
For China, the move came on the back of a constrained economy, with investors stampeding out of the country's local market. This caused spikes in total volume of ETFs traded in China.
That process has caused China’s government to start taking measures to turn around the stock market and dissuade investors from leaving.
Like China, the case for Europe and Canada comes amid lagging global funds with European and Canadian locals now “rushing to buy US-focused ETFs as flow percentage outperform the percentage of assets under management (AUM) for most regions,” Balchunas notes.
The ETF specialist attributes this to weak rates seen among non-US ETFs. With greener pastures in the US, the fear of missing out (FOMO) plays out for investors outside the US.