CoinDCX CEO Sumit Gupta has lauded senior Congress leader and three-time Lok Sabha MP Shashi Tharoor for his investment in Spot Bitcoin (BTC) ETFs. Gupta took to social media platform X to express his appreciation, stating, “Glad to know Shashi Tharoor knows #Bitcoin!”

CoinDCX Commends Shashi Tharoor For Bitcoin ETF Investment

In addition, Gupta highlighted CoinDCX’s efforts in educating people about crypto for over six years and their recent awareness campaigns aimed at helping individuals #KnowBitcoin. He expressed encouragement at seeing Tharoor’s investment in Bitcoin ETFs. Moreover, the CoinDCX CEO stated that it could boost confidence among more Indians to explore the crypto space.

He wrote, “So, it is encouraging to see Shashi Tharoor’s portfolio includes exposure to Bitcoin. This can give more Indians the confidence to explore crypto!” Tharoor’s investments span various sectors, with significant holdings in government bonds, ELSS funds, flexi cap, and multi cap portfolios. Notably, he holds a Bitcoin ETF worth Rs 5,11,314 ($6135), alongside substantial investments in foreign equities and corporate bonds.

Tharoor’s choice to invest in Bitcoin ETF reflects a growing interest in cryptocurrencies among traditional investors and politicians in India. Moreover, it comes as a relief to the crypto community that is devastated due to the stringent legal scrutiny.

According to an affidavit filed with the Election Commission of India, Tharoor’s investment portfolio is diverse, including top mutual fund schemes, government bonds, foreign equities, corporate bonds, and Bitcoin ETFs. The affidavit reveals Tharoor’s total movable assets amounting to about Rs 49.3 crore ($5.91 million). Meanwhile, immovable assets valued at Rs 6.75 crore ($810,535).

Also Read: Spot Bitcoin ETF: BlackRock Adds Goldman Sachs, Others As APs

Spot BTC ETF Flows Plunge

In recent days, the Bitcoin ETF market has witnessed a decline in overall capital influx, stabilizing at approximately $100 million per day. Simultaneously, outflows from GBTC have reached their lowest point this month, while inflows into BlackRock’s IBIT and Fidelity’s FBTC have dwindled. On Thursday, April 4, total Bitcoin ETF inflows amounted to $106 million.

Meanwhile, IBIT attracting $144 million in inflows and GBTC experiencing $79 million in outflows. On the other hand, recent data reveals that the surge in Spot Bitcoin ETF investments over the past two months has significantly contributed to the BTC price surge to $73,750.

Eric Balchunas, an analyst at Bloomberg ETF, sheds light on a notable trend. The trend suggests the majority of BTC’s 40% price increase since the ETF’s launch has occurred during after-hours trading sessions. Moreover, this phenomenon resulted in significant price disparities between closing and opening prices.

Also Read: Monochrome Pioneers Australia’s Maiden Spot Bitcoin ETF Launch

The post CoinDCX CEO Hails Shashi Tharoor’s Bitcoin ETF Investment appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am