Pyth Network:Real-Time Bitcoin ETF Data for DeFi

Pyth Network introduced real-time price feeds for thirteen Bitcoin ETFs catering to developers in the decentralized finance (DeFi) sector.

On February 20, Pyth Network, a real-time market data supplier for blockchain applications, announced the opening of price feeds for thirteen Bitcoin exchange-traded funds (ETFs).

This gives developers creating decentralized finance (DeFi) protocols easy access to precise pricing data for Bitcoin ETFs. An important development for the cryptocurrency market 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 field to have regulated exposure to Bitcoin (BTC).

With the goal of bridging the gap between traditional finance (TradFi) and DeFi, Pyth Network has launched its latest venture DeFi which gives its developers access to real-time ETF data. Pyth Network added that by bringing institutional capital on-chain, this might also assist the DeFi platform to increase liquidity, improve risk mitigation techniques and broaden portfolio alternatives. Thanks to this most recent integration, their platform will now be able to offer more real-time insights into the DeFi ecosystem.

The following 13 Bitcoin ETFs are available at different prices: Fidelity Wise Origin Bitcoin Trust, Grayscale Bitcoin Trust, VanEck Bitcoin Trust, 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, and iShares Bitcoin Trust.Apart from the Bitcoin ETF pricing, Pyth also indicated support for a number of 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 comes after Bitcoin ETFs reported net inflows of $2.2 billion over the course of one week from February 12 to 16. This represents a volume of inflows greater than that of any other ETF among the 3,400 ETFs that are available in the United States.BlackRock’s Bitcoin ETF hit a milestone on February 14, when it bought over 100,000 BTC under management. This was the company’s most aggressive purchase of Bitcoin since the ETF’s inception in January.