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

25.09.2024 13:00 1 min. 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.

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.

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