Pyth Network, an oracle that offers real-time market data for blockchain applications, announced the opening of price feeds for thirteen Bitcoin exchange-traded funds (ETFs) on February 20.
This development enables developers to create decentralized finance (DeFi) protocols to easily get precise pricing data for Bitcoin ETFs.
An important development for the cryptocurrency ecosystem was the US government’s approval of Bitcoin ETFs in January 2024, which allowed mainstream investors who were still hesitant to participate directly in the market to have regulated exposure to Bitcoin.
Pyth Network has launched its latest venture, DeFi, which gives its developers access to real-time ETF data to bridge the gap between traditional finance (TradFi) and DeFi.
Pyth added that by bringing institutional capital on-chain, might also assist the DeFi platform to increase liquidity, improve risk mitigation techniques, and broaden portfolio alternatives.
Pyth stated in its release that their platform will now be able to offer more real-time insights into the DeFi ecosystem thanks to this most recent integration.
The following 13 Bitcoin ETFs are available at different prices:
- ARKB — ARK 21Shares Bitcoin ETF
- BITB — Bitwise Bitcoin ETF Trust
- BITS — Global X Blockchain & Bitcoin Strategy ETF
- BRRR — Valkyrie Bitcoin Fund
- BTCO — Invesco Galaxy Bitcoin ETF
- BTCW — WisdomTree Bitcoin Trust
- BTF — Valkyrie Bitcoin and Ether Strategy ETF
- DEFI — Hashdex Bitcoin ETF
- EZBC — Franklin Bitcoin ETF
- FBTC — Fidelity Wise Origin Bitcoin Trust
- GBTC — Grayscale Bitcoin Trust
- HODL — VanEck Bitcoin Trust
- BIT — iShares Bitcoin Trust
Apart from the Bitcoin ETF pricing, Pyth also indicated support for several other ETFs, including the Vanguard S&P 500 ETF (VOO), the Dow Jones Industrial Average ETF Trust (SPDR), and the Dow Jones Industrial Average (DOW).
This occurs in the wake of Bitcoin ETFs reporting net inflows of $2.2 billion over one week, from February 12 to 16. This represents a volume of inflows greater than those of any other ETF among the 3,400 ETFs that are accessible in the US.
