Bitcoin Spot Exchange-Traded Funds (ETFs) Experience Significant Inflows
Bitcoin spot exchange-traded funds (ETFs) recorded their second-highest daily inflows on July 10, amassing $1.18 billion, according to Sosovalue data. This surge in institutional investment has propelled the cryptocurrency’s value to a new high of $116,664 on Thursday, with its current price hovering around $118,140, momentarily reaching $118,450.
Moreover, the total net inflows for BTC spot ETFs have now exceeded $51 billion, indicating a sustained interest from investors. Notably, on Thursday, seven out of twelve Bitcoin funds observed net inflows, with BlackRock’s IBIT leading the charge with a significant $448.49 million. Fidelity’s Bitcoin fund (FBTC) followed closely, with $324.34 million in positive flows.
Ethereum Spot ETFs Record Notable Inflows, Indicating Strong Investor Interest
Not to be outdone, Ethereum spot ETFs also witnessed substantial activity, with a total net inflow of $383 million, marking a notable milestone. This inflow has contributed to Ether ETFs amassing $5.10 billion in total net inflows. The demand for Ethereum ETFs has spurred an 8% increase in Ether’s value, pushing it past the $3,000 mark.
Ether’s recent performance, particularly in comparison to Bitcoin, has been attributed to fresh institutional investments and record volumes for BlackRock’s ETH ETF. Currently, Ether is trading at $3,014.
The daily net inflow for Ether spot ETFs on July 10 was led by BlackShares iShares Ethereum Trust (ETHA), closely followed by Grayscale’s ETHE fund. The ETHA fund, in particular, has seen over $1.2 billion in investments since June, reflecting a bullish sentiment in the market.
This marked interest from institutional investors in both Bitcoin and Ethereum ETFs underscores a significant shift towards the institutionalization of these cryptocurrencies. The steady influx of capital from asset managers, corporate treasuries, and wealth platforms suggests a growing confidence in the digital currency market.
Tweetable Highlight:
“Ether showcases its strength, surging 7% and breaking past $3,000 amid institutional embrace and record ETF volumes. A bullish week for Ethereum as it outperforms Bitcoin. #Ethereum #ETFs #CryptoMarket”
