Bitcoin ETF inflows have recently hit a seven-week high, indicating the return of strong interest by institutional investors. The data shows that Spot Bitcoin ETF financial companies saw a combined volume of $5.65 billion within a week – the highest since late March 2024.
This high inflow has also had a positive impact across the broader crypto market. and especially so for memecoins. One of the best altcoins over the past month is Galaxy Fox due to its high demand among online gamers. It launched the web3 runner game on May 11 and investors are showing great enthusiasm for the platform. Based on the Play-to-Earn gaming model, it allows players to enjoy the game and also earn real rewards in return.
Let’s take a closer look at the reasons behind the strong inflows in Bitcoin ETFs, as well as what makes Galaxy Fox stand out from other memecoins.
What’s Driving Bitcoin ETF Prices in 2024?
Several factors are behind this huge success of the Bitcoin ETF launch, including increasing interest from institutional investors. Taking a look at the recent form 13F filings, it shows that 937 U.S. firms had exposure to Bitcoin ETFs in the first quarter of 2024. This is a huge success if you compare it with the initial launch of gold ETFs, which had only 95 companies showing interest in the first quarter post-launch.
Another factor is that BlackRock’s iShares Bitcoin Trust (IBIT) has set a new net inflow record with over $577 million in one day alone. This was further supported by Fidelity’s Wise Origin Bitcoin Fund (FBTC) investment bringing in millions of dollars. This has also given a green light to brokers to upgrade their ratings, and $BTC is already nearing $67K this week.
Bitcoin has proven itself as the best cryptocurrency to invest in following the halving period. Trading firm QCP Capital noted that Bitcoin’s price often shows sharp recoveries whenever it dipped below $60,000. So, this has formed an important psychological resistance level.
Galaxy Fox Makes a Strong Debut with P2E Online Gaming
It’s rare to find a memecoin that goes beyond the traditional memecoin ethos of humor and fun. Yet Galaxy Fox is here to make a meaningful impact across multiple domains. It’s the top crypto coin for investment, offering exponential gain opportunities. Holders can earn income from NFT staking, P2E gaming, and ownership of the $GFOX token. This new memecoin project also features a prize pool that rewards top performers regularly in the web3 game.
The main focus of the Galaxy Fox platform is its P2E game. This web3 runner game allows players to earn $GFOX tokens by performing well. Players can enhance their gaming experience by purchasing Galaxy Fox NFTs. Each NFT has unique characteristics that offer advantages in the game like speed and power. As a meme coin, Galaxy Fox combines fun with financial opportunities.
Players can also use $GFOX tokens to buy boosters in the game. These boosters can give players a competitive edge in battles against others. At the end of each $GFOX season, the top 20% of players on the leaderboard are rewarded with in-game currencies that can be exchanged for $GFOX tokens.
One of the standout features of the $GFOX token is its deflationary nature. A designated amount of tokens are removed from circulation using a burn mechanism, reducing the overall supply of $GFOX tokens. This helps to increase their value with time by making their supply limited, making it an attractive cryptocurrency option for investors.
Conclusion
Investors are excited to see what’s coming up next as the Bitcoin ETF investments are at a record high now. With new coins like Galaxy Fox offering an extra income opportunity via P2E gaming and NFT staking, the crypto market now has meme coins with real-world utilities. For gamers, Galaxy Fox is an excellent online option for competing with other players. This is a memecoin that will change the dynamics of online gaming in the near future. Investors searching for a top memecoin to earn staking rewards should take a closer look at $GFOX.
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
The post Bitcoin ETF Inflows Hit 7 Week High as New Meme Grabs Spotlight appeared first on BitcoinWorld.
Comments are closed, but trackbacks and pingbacks are open.