As an analyst with over two decades of experience in the financial markets, I must admit that the recent inflows into Bitcoin and Ethereum ETFs hosted by BlackRock are truly astonishing. The sheer magnitude of these figures is nothing short of breathtaking, particularly when you consider that we’re talking about ETF launches here.
Over the past 24 hours, I’ve noticed significant investments flowing into Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) managed by BlackRock. Upon closer examination, it appears that the majority of these inflows, approximately $860 million, are still tied up in IBIT, a Bitcoin ETF from BlackRock. According to data from Bloomberg, IBIT attracted inflows worth $733.6 million. Simultaneously, ETHA, an Ethereum ETF from the same manager, witnessed inflows amounting to $132.3 million in the preceding day.
The figures are quite remarkable and notably consistent with ongoing patterns in the cryptocurrency sector. Bitcoin remains dominantly powerful, frequently reaching unprecedented peak prices. Ethereum, one of the significant alternative coins, occasionally falters due to its volatile price fluctuations, but it’s still attempting to approach its previous peak price of approximately $4,800 set in 2021.
For a while now, there has been a widespread sentiment among market players that the altcoin boom was underway. However, the situation seems to be taking a turn for the worse, with Bitcoin’s continuous surge making things look particularly bleak for altcoins. Consequently, it appears we are still in a predominantly Bitcoin-centric market.
Frankly, I’m at a loss for words… Just this introduction itself could potentially rank IBIT among the top 20 ETF launches out of the 700 new ones this year.
— Nate Geraci (@NateGeraci) December 18, 2024
According to Nate Geraci, President of ETF Store, there has been a continuous inflow of funds for 13 consecutive days into the iShares Ethereum ETF, amounting now to $1.5 billion in total. The overall investment into spot Ethereum ETFs since its launch in July is approximately $2.5 billion.
As a crypto investor, I’ve noticed that despite the positive momentum, there’s been an ongoing withdrawal of approximately $3.5 billion from the Grayscale Ethereum Trust. This outflow might potentially dampen the rate at which Ethereum’s price increases.
Geraci finds IBIT’s performance so entertaining that he’s left speechless. In fact, yesterday’s inflows would place BlackRock’s Bitcoin ETF among the top 20 ETF launches for 2024, according to the president of the ETF Store – a remarkable achievement given there were around 700 new ETFs last year.
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2024-12-18 12:41