Pyth Network Launches Price Feeds for 13 Bitcoin ETFs to Boost DeFi Integration
Summary:
Blockchain data provider Pyth Network launched price feeds for 13 Bitcoin exchange-traded funds (ETFs), offering developers direct access to important data for decentralized finance (DeFi) protocols. This move could potentially help DeFi enhance portfolio options, risk mitigation strategies and improve liquidity. The initiative demonstrates the ongoing fusion of traditional finance and DeFi within the growing cryptocurrency market. Additionally, Bitcoin ETFs have seen exceptional growth, with a reported net inflow higher than any other ETF in the U.S. during the week of 12-16 February.
Blockchain application market data provider, Pyth Network, launched price feeds for 13 Bitcoin exchange-traded funds (ETFs) on February 20. This development provides developers with immediate access to accurate Bitcoin ETF prices for DeFi protocols. The decision to approve Bitcoin ETFs back in January 2024 in the United States marked a significant moment for the cryptocurrency industry, offering an avenue for mainstream investors unwilling to directly invest in Bitcoin a legal path to exposure. Pyth Network's recent efforts aim to close the distance between traditional finance and DeFi, by providing developers with instantaneous data about the ETFs. This could potentially allow DeFi platforms to broaden their portfolio options, create better risk reduction strategies and enhance liquidity by encouraging institutional capital to move on-chain. Bitcoin ETFs are a critical part of the ongoing progression of cryptocurrency markets, propelling both demand and liquidity.
Regarding this new adaptation, Pyth suggested it will enable the platform to give more real-time insights to the DeFi ecosystem. The listed Bitcoin ETF prices include the 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. Besides Bitcoin ETF prices, Pyth also stresses emphasis on supporting other ETFs, such as SPDR Dow Jones Industrial Average ETF Trust, DOW Dow Jones Industrial Average and VOO Vanguard S&P 500 ETF, among others.
Moreover, Bitcoin ETFs recently recorded net inflows of $2.2 billion in the week of February 12-16, surpassing the combined volume of incoming finances received by any other ETF among the 3,400 available in the United States. A remarkable event was noted on February 14, when BlackRock's Bitcoin ETF exceeded 100,000 BTC under management, emphasizing the company's assertive BTC purchasing since launching its ETF in January.
Published At
2/20/2024 6:00:00 PM
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