In the past 24 hours, BlackRock’s Bitcoin and Ethereum ETFs saw significant inflows totaling $860 million, underscoring Bitcoin’s dominant role in the cryptocurrency market.
Record Inflows into BlackRock ETFs
BlackRock's Bitcoin ETF (IBIT) demonstrated an impressive inflow of $733.6 million, surpassing expectations and reinforcing Bitcoin's position as the leading cryptocurrency.
Ethereum ETFs Show Promise
BlackRock’s Ethereum ETF, ETHA, attracted $132.3 million in the same period. Despite substantial outflows from Grayscale’s Ethereum Trust, interest in Ethereum remains, evidenced by a total of $2.5 billion attracted since its launch in July.
Cryptocurrency Market Trends
Bitcoin continues to hit new all-time highs while Ethereum shows volatility, nearing its 2021 peak of $4,800. The broader cryptocurrency market remains challenging, with altcoins yet to seize leadership. The $733.6 million inflow for IBIT places it among the top 20 ETF launches of the year, highlighting the growing institutional interest in Bitcoin.
The growing interest in BlackRock's Bitcoin and Ethereum ETFs highlights the significance of these cryptocurrencies in the market. Bitcoin maintains its leading position, while Ethereum continues to attract investor attention despite challenges.
