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BlackRock’s Crypto ETFs Draw $158 Million Amid Crypto Surge

25.09.2024 13:00 1min. read Kosta Gushterov
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BlackRock’s Crypto ETFs Draw $158 Million Amid Crypto Surge

BlackRock’s Bitcoin and Ethereum exchange-traded funds (ETFs) experienced a significant boost, attracting around $158 million in net inflows on Tuesday as the crypto market rebounded, pushing Bitcoin's price above $64,000.

Recent data reveals that the iShares Bitcoin Trust (IBIT) gained nearly $99 million, bringing its total inflows to $21 billion since launch. This surge marks a turnaround after a period of low activity, with Tuesday representing the fund’s largest single-day inflow since late August.

Other funds in the market also benefited, with Fidelity and Bitwise each adding about $17 million, while Grayscale’s Bitcoin Mini Trust garnered nearly $3 million. Collectively, US spot Bitcoin ETFs closed the day with approximately $136 million in new capital, extending a streak of positive inflows.

In contrast, the Ethereum ETF market saw a rebound after facing withdrawals exceeding $79 million earlier in the week. On Tuesday, spot Ethereum funds attracted $62.5 million, led by BlackRock’s ETHA with over $59 million in new investments.

This uptick aligns with recent shifts in global monetary policy, particularly following a 50 basis point interest rate cut by the US Federal Reserve. The market is optimistic about further cuts, with a 61% probability for a similar reduction in November. Additionally, China’s new monetary stimulus is seen as a catalyst for the crypto resurgence.

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