Bitcoin and Ethereum ETFs Experience Massive Inflows, BlackRock and Fidelity Lead the Way
BlackRock’s Bitcoin ETF Attracts $1B in a Week
BlackRock’s iShares Bitcoin Trust ETF has seen a staggering $1 billion in inflows this week alone, driving Bitcoin to a remarkable 10% seven-day gain. According to data from SoSo Value, U.S. spot Bitcoin ETFs collectively received $470 million on Thursday, with BlackRock’s IBIT leading the pack with $309 million, contributing to a weekly total of $1.07 billion.
The influx of $1.85 billion into 12 spot Bitcoin ETFs this week highlights a growing trend. Funds like Ark and 21Shares’ ARKB saw over $100 million inflows, while Grayscale’s GBTC and Fidelity’s FBTC recorded substantial amounts at $45.70 million and $11.69 million, respectively.
Crypto analyst Rachael Lucas attributes this trend to favorable macroeconomic conditions. Investors, seeking alternative assets, capitalize on the opportunity as central banks lower interest rates. Despite a slightly lower trading volume of around $1.47 billion on Thursday, cumulative net inflows since January have soared past $20.66 billion, a milestone described as crucial in the ETF world.
Ethereum ETFs also on the Rise
Fidelity Leads the Charge as Ethereum ETFs Report Positive Flows
In addition to Bitcoin, Ethereum ETFs have also witnessed significant inflows. Fidelity’s FETH took the lead with $31.12 million on Thursday, followed by BlackRock’s ETHA with $23.56 million. Grayscale’s ETHE, on the other hand, experienced outflows of $15.74 million.
The surge in inflows for both Bitcoin and Ethereum ETFs reflects the ongoing growth of the cryptocurrency industry. Reports from Coinbase, Glassnode, and a16z highlight the maturing crypto market, with successful spot ETFs playing a key role in driving this growth. Active addresses are at all-time highs, indicating a thriving ecosystem.
The approval of Bitcoin ETFs earlier this year by the Securities and Exchange Commission sparked controversy following a hacking incident involving the SEC’s account.
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This article was originally published on Benzinga.com and highlights the significant inflows seen in Bitcoin and Ethereum ETFs, with BlackRock and Fidelity playing prominent roles in driving these investments.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
