Pyth Network introduces Bitcoin ETF price feeds to allow DeFi developers access to real-time market data, bridging the gap between traditional finance and decentralized finance.
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.
