Pyth Network has unveiled real-time Bitcoin (BTC) exchange-traded funds (ETF) price feeds in a move set to revolutionize decentralized finance (DeFi).
The implementation grants DeFi developers and users access to credible price data for 13 Bitcoin ETFs, marking a significant milestone in bridging the gap between traditional finance and the crypto sphere.
Bitcoin ETFs tracked on the platform include ARKB, BITB, BITS, BRRR, BTCO, BTCW, BTF, DEFI, EZBC, FBTC, GBTC, HODL, and IBIT.
Bitcoin ETF approval
The approval of Bitcoin ETFs in the US in January has been a pivotal moment for crypto, paving the way for mainstream investors to engage with the world’s leading cryptocurrency without the complexities associated with direct ownership.
Indeed, Bitcoin ETFs have been attracting widespread attention from both retail and institutional investors in the past month, and their approval by major financial institutions such as ARK Invest, BlackRock, and Fidelity highlights their importance when introducing the token to more regulated markets.
Bitcoin ETFs witnessed a staggering influx of $2.2 billion between February 12 and 16, surpassing the combined inflows of all other 3,400 ETFs available in the US.
What do Bitcoin ETFs bring to the Pyth Network?
With new tools available on the Pyth Network, developers can seamlessly integrate Bitcoin ETF price feeds, including those for notable funds such as Grayscale Bitcoin Trust (GBTC) and Bitwise Bitcoin ETF Trust (BITB), as per the latest information shared with Finbold.
This integration not only enhances the liquidity and transparency of the Bitcoin market but also lowers entry barriers for users seeking exposure to the asset class.
Pyth Network also unveiled its STRK/USD price feed, a significant step forward in the token’s integration into diverse digital landscapes, promising greater efficiency and broader participation within the Starknet community.
DeFi benefits
The advantages of incorporating Bitcoin ETFs into DeFi are manifold.
Beyond diversifying investment portfolios, ETFs allow for more precise risk management strategies and attract institutional capital to on-chain platforms, bringing traditional and decentralized finance closers.
As the Pyth Network continues to expand its asset offerings, its pull oracle architecture is set to ensure efficient data retrieval, optimizing operations, and cost-effectiveness for on-chain protocols.
