DeFi Devs get real-time Bitcoin ETF data with Pyth Network

DeFi Devs get real-time Bitcoin ETF data with Pyth Network

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Pyth Network, a provider of real-time market data for blockchain applications, announced on Feb. 20 the launch of price feeds for 13 Bitcoin exchange-traded funds (ETFs), making accurate price data of Bitcoin ETFs readily available to developers building decentralized finance (DeFi) protocols.

The approval of Bitcoin ETFs in the United States in Jan. 2024 was a landmark event for the crypto industry, which opened up regulated exposure to Bitcoin (BTC) for mainstream investors still hesitant to take the plunge into the space via direct ownership.

This latest initiative from the Pyth Network aims to bridge the gap between traditional financial (TradFi) and DeFi, though from the DeFi side allowing its developers access to real-time data on the ETFs. Pyth said this could also help DeFi platforme expand portfolio options, improve risk mitigation strategies and help enhance liquidity by potentially attracting institutional capital on-chain.

“Bitcoin ETFs are a key element of the ongoing evolution of crypto markets, institutionalizing demand and liquidity.”

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In its announcement, Pyth said this latest integration will allow its platform to 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 made available, Pyth also highlighted support for several 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 comes as Bitcoin ETFs posted net inflows of $2.2 billion in one week from Feb. 12-16, which has a combined volume higher than inflows received by any other among the 3,400 ETFs available in the United States.

On Feb. 14, BlackRock’s Bitcoin ETF surpassed 100,000 BTC under management, which marked a highlight in the company’s aggressive buying of (BTC) since the launch of its ETF in January.

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