- BlackRock’s Bitcoin ETF attracted $733.6 million inflows in 24 hours, setting a record among ETFs launched in 2024.
- Ethereum ETFs saw $132.3 million in inflows, although Grayscale’s Ethereum Trust continues to experience substantial outflows.
- Bitcoin’s dominance persists as it leads inflows and all-time highs, overshadowing altcoins in the volatile cryptocurrency market.
BlackRock’s Bitcoin (BTC) and Ethereum (ETH) ETFs saw massive inflows, totaling $860 million within the past 24 hours, according to Bloomberg data. Notably, the Bitcoin ETF, IBIT, drew $733.6 million of this total, demonstrating Bitcoin’s sustained dominance in the cryptocurrency market.
Ethereum ETFs Show Promise Despite Challenges
Meanwhile, BlackRock’s Ethereum ETF, ETHA, recorded $132.3 million in inflows during the same period. This marks a steady interest in Ethereum ETFs, even as net outflows from Grayscale’s Ethereum Trust reach $3.5 billion, a factor that could temper Ethereum’s price momentum. Despite this, BlackRock’s ETH ETF has attracted $2.5 billion in total inflows since its launch in July.
Cryptocurrency Market Trends
Bitcoin continues its upward trajectory, reaching new all-time highs almost weekly. In contrast, Ethereum’s price remains volatile but shows signs of recovery, approaching its 2021 peak of $4,800. The broader cryptocurrency market, however, paints a challenging picture for altcoins. Many hoped for an altcoin season in recent weeks, but Bitcoin’s relentless rise has overshadowed these assets, keeping it the central focus for investors.
The $733.6 million single-day inflow for IBIT puts it among the top 20 ETF launches of the year, as highlighted by Nate Geraci, president of ETF Store. The inflows underscore the growing institutional interest in Bitcoin as a premier cryptocurrency asset.
Continued Momentum in Ethereum ETFs
Despite Bitcoin’s dominance, Ethereum ETFs have consistently garnered attention. BlackRock’s Ethereum ETF has achieved 13 consecutive days of inflows, reflecting steady investor confidence in the second-largest cryptocurrency.
Bitcoin remains the primary driver of activity within the cryptocurrency space, while Ethereum continues to show promise despite challenges. BlackRock’s ETFs, particularly its Bitcoin offering, solidify the firm’s position as a major player in cryptocurrency investments, even as the market landscape evolves.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
