black rock iShares Bitcoin Trust (NASDAQ: IBIT) ETF has seen over $1 billion in inflows this week alone, which helped propel the apex cryptocurrency up 10% in seven days.
what happened: The US Spot Bitcoin ETF raised $470 million on Thursday alone, according to data from SoSo Value. BlackRock's IBIT was the frontrunner, pulling in $309 million, bringing the week's total to $1.07 billion.
Overall, Spot Bitcoin ETFs have seen significant inflows, with 12 funds accumulating more than $1.85 billion this week. ark and 21 shares ARKB There was an inflow of over $100 million. gray scale GBTC It recorded $45.7 million, but Fidelity's FBTC It had $11.69 million.
According to cryptocurrency analyst Rachel Lucas, this trend is due to favorable macroeconomic conditions, according to The Block. When central banks lower interest rates, investors seek alternative assets.
Bitcoin ETF trading volume on Thursday was approximately $1.47 billion, down slightly from the previous day. Since January, cumulative net inflows have reached $20.66 billion, a milestone according to a Bloomberg report. Eric Balchunas As “the most important index in the ETF world”.
spot Ethereum ETH/USD ETFs also reported positive flows, with $48.41 million inflows on Thursday. Fidelity's fete Top with $31.12 million, followed by BlackRock Ether For $23.56 million. Despite these advantages, grayscale Ete It experienced an outflow of $15.74 million.
ALSO READ: Exclusive: Robinhood's Bitstamp trading will drive growth, exec says: 'What was good for stocks…we've carried over into cryptocurrencies.'
why is it important: Bitcoin ETFs are seeing a surge in inflows as the crypto industry continues to grow according to key metrics.
According to recent reports, coinbase and glass nodethe crypto market is mature, with the success of spot ETFs and increased trading volumes cited as key growth drivers. Venture capital firm a16z found in a separate report that monthly active addresses hit an all-time high, tripling from levels at the end of 2023.
The Securities and Exchange Commission approved a Bitcoin ETF in January following the controversial incident involving the hacking of SEC accounts.
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