Pyth Network, a blockchain data provider, recently announced the introduction of price feeds for 13 Bitcoin exchange-traded funds (ETFs). This move aims to provide developers building decentralized finance (DeFi) protocols with accurate price data for Bitcoin ETFs.
The approval of Bitcoin ETFs in the United States in January 2024 was a significant event for the crypto industry. It allowed mainstream investors to gain regulated exposure to Bitcoin (BTC) without directly owning it.
The Pyth Network’s latest initiative seeks to bridge the gap between traditional finance (TradFi) and DeFi. By granting developers access to real-time data on ETFs, DeFi platforms can expand their portfolio options, improve risk management strategies, and potentially attract institutional capital on-chain, thus enhancing liquidity.
Pyth’s announcement emphasized that this integration would provide further real-time insights into the DeFi ecosystem.
The 13 available Bitcoin ETF prices 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 the Bitcoin ETF prices, Pyth also expressed support for various 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.
This development coincides with Bitcoin ETFs experiencing net inflows of $2.2 billion within a 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 surpassed 100,000 BTC under management, highlighting the company’s aggressive buying since the launch of its ETF in January.
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