Bitcoin celebrated its 15th birthday this month by bursting onto Wall Street with an ebullient bang. Now the adolescent asset may have to grow up fast.
Investors have embraced 11 U.S. exchange traded funds (ETFs), tracking bitcoin's spot price, that began trading on 11 January after receiving regulatory approval; after two trading days, they held a total of 644,860 bitcoin worth more than $27 billion, according to data from analytics company Glassnode.
Much of that - more than 500 000 bitcoin - was already held in a Grayscale Bitcoin Trust that had previously been a closed-end fund before it was allowed to relaunch as one of the new ETFs.