The rebound comes as data from Bloomberg Intelligence shows that BlackRock's (BLK) spot bitcoin exchange traded fund (ETF) has now made it into the top five of this financial asset class in terms of year-to-date flows.
In a recent post on X, formerly known as Twitter, Bloomberg ETF analyst Eric Balchunas described the performance of BlackRock's spot bitcoin ETF, which goes by the $IBIT ticker, since it's launch in January.
A spot bitcoin ETF is a type of investment fund that allows investors to buy shares representing ownership in actual bitcoin, providing a way to gain exposure to the cryptocurrency's price movements without directly owning the digital assets, yahoo.com reported.
The recent rise in prices has prompted a considerable liquidation of short positions on cryptocurrency exchanges. The volatility has led to the liquidation of over $44m in bitcoin positions over the past 24 hours, with the majority, over $41m, consisting of short positions.