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BlackRocks iShares Bitcoin Trust (NASDAQ:IBIT) ETF has attracted more than $1 billion in inflows this week alone, helping propel the top crypto to a 10% seven-day gain.
What happened: According to data from SoSo Value, spot bitcoin ETFs in the US alone raised $470 million on Thursday. BlackRock’s IBIT led the way, raking in $309 million, contributing to a total of $1.07 billion for the week.
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Overall, spot Bitcoin ETFs have experienced significant inflows, with 12 funds collecting more than $1.85 billion this week. Ark And 21Shares’ (BATS:ARKB) saw inflows of over $100 million. Grayscale (OTC:GBTC) registered $45.70 million, while Trouw’s (BATS:FBTC) had $11.69 million.
According to crypto analyst Rachael Lucas, this trend is due to favorable macroeconomic conditions, according to The Block. When central banks cut interest rates, investors explore alternative assets.
Thursday’s trading volume for bitcoin ETFs was about $1.47 billion, slightly lower than the day before. Since January, cumulative net inflows have reached $20.66 billion, a milestone described by Bloomberg’s Eric Balchunas as “the most important benchmark in the ETF world.”
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Place Ethereum (CRYPTO:ETH) ETFs also reported positive flows, with $48.41 million on Thursday. Fidelity’s (BATS:FETH) led with $31.12 million, followed by BlackRock’s (NASDAQ:ETHA) with $23.56 million. Despite these gains, Grayscale’s (OTC:ETHE) had outflows of $15.74 million.
Why it matters: The surge in Bitcoin ETF inflows comes as the cryptocurrency industry continues to grow according to key metrics.
According to a recent report from Coin base And Glass junctionThe crypto market is maturing, with successful spot ETFs and increased trading volumes cited as key growth drivers. Venture capital firm a16z found in a separate report that monthly active addresses are at a record high, three times higher than late 2023 levels.
The Securities and Exchange Commission had approved Bitcoin ETFs in January this year, following a controversial incident in which the SEC’s account was hacked.
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This article BlackRock’s Bitcoin ETF Gobbles Up $1 Billion This Week, Fidelity Leads Among Ethereum ETFs With $31 Million originally appeared on Benzinga.com
