BlackRock Bitcoin ETF eats up $1 billion this week, Fidelity tops Ethereum ETFs with $31 million
Benzinga and Yahoo Finance LLC may earn commissions or revenue from some items through the links below.
BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) ETF attracted more than $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.
Don’t miss:
Overall, Spot Bitcoin ETFs have seen significant inflows, with 12 funds accumulating more than $1.85 billion this week. Ark and 21Shares (BATS:ARKB) saw more than $100 million in inflows. Grayscale (OTC:GBTC) recorded $45.7 million and Fidelity (BATS:FBTC) recorded $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 number that Bloomberg’s Eric Balciunas describes as “the most important metric in the ETF world.”
Trending: If there was a new fund backed by Jeff Bezos that offered monthly dividends with a target yield of 7-9%, would you invest in it?
The Spot Ethereum (CRYPTO: ETH) ETF also reported positive flows, with $48.41 million inflows on Thursday. Fidelity (BATS:FETH) topped the list with $31.12 million, followed by BlackRock (NASDAQ:ETHA) with $23.56 million. Despite these gains, Grayscale (OTC:ETHE) experienced outflows of $15.74 million.
Why it matters: Bitcoin ETFs are seeing a surge in inflows as the cryptocurrency industry continues to grow according to key metrics.
According to a recent report by Coinbase and Glassnode, the crypto market is maturing, citing the success of spot ETFs and increased trading volumes 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.
story continues
The Securities and Exchange Commission approved a Bitcoin ETF in January following the controversial incident involving the hacking of SEC accounts.
Is the yield better than some REITs?
The current interest rate environment creates an excellent opportunity for income-seeking investors to earn huge yields, but not through publicly traded REITs.
Alived Homes, the investment platform backed by Jeff Bezos, has launched a private credit fund. It provides investors with access to a pool of short-term loans backed by residential real estate with a target net annual yield of 7% to 9% paid monthly. In August, it was 8.1%. The best part? Unlike other private credit funds, this fund has a minimum investment of just $100.
Looking for fractional real estate investment opportunities? Benzinga Real Estate Screener has the latest features.
Wondering if your investments can help you reach a $5,000,000 nest egg? Talk to a financial advisor today. SmartAsset’s free tool matches you with up to three vetted financial advisors serving your area and allows you to meet with an advisor for free to decide which one is right for you. can.
This article: BlackRock’s Bitcoin ETF gains $1 billion this week, Fidelity leads Ethereum ETF with $31 million
