BlackRock Rules Bitcoin and Ethereum ETF Game With Historic $860 Million Spike
As recently became known, the amount of inflows to Bitcoin (BTC) and Ethereum (ETH) exchange traded funds (ETFs) hosted by BlackRock in the last 24 hours totaled $860 million.
Digging deeper into the details, we learn that most of this sum still belongs to IBIT, a Bitcoin ETF from BlackRock, which saw inflows of $733.6 million, according to Bloomberg data.
Meanwhile, ETHA, an Ethereum ETF from BlackRock, saw inflows of $132.3 million over the course of the previous day.
The numbers are impressive, and more importantly, they are in line with current trends on the crypto market. Bitcoin continues to reign supreme, with its price hitting new all-time highs almost every week.
Ethereum as a major altcoin is lagging behind, stumbling periodically with its price experiencing high volatility, but still aiming close to the previous price high of around $4,800, which was set back in 2021.
The rest of the market? There was a brief period in recent weeks when every market participant believed that the altcoin season had begun, but the current picture is starting to look extremely ugly, and Bitcoin's relentless rise is making things look even worse for altcoins. So, it is still a BTC market.
As Nate Geraci, the president of ETF Store, points out, there have now been 13 straight days of inflows into the iShares Ethereum ETF, which now totals $1.5 billion, and $2.5 billion in total into spot Ethereum ETFs since the July launch.
However, there are still net outflows of $3.5 billion from the Grayscale Ethereum Trust, which could slow ETH's price appreciation.
At the same time, Geraci is so amused by IBIT's performance that he 'doesn't even know what to say anymore'. Yesterday's inflows alone would put BlackRock's Bitcoin ETH in the top 20 ETF launches for 2024, says the ETF Store president. And that is out of 700 new ETFs.
