Wall Street bought many more Bitcoin goods last week, and BlackRock’s spot Bitcoin exchange-traded fund got a new $1.1 billion in cash
BlackRock, a big name in U.S. wealth management, has become very interested in Bitcoin after its spot Bitcoin ETF did better than several traditional financial products.
Ten months after the first spot Bitcoin ETFs were issued in mid-January, investors have put $26 billion into BlackRock’s IBIT. The fund is now in the top 2% of all U.S. ETFs, and the money that came in last week was another big deal for BlackRock’s Bitcoin ETF.
Half of the $2.2 billion that came into U.S. spot Bitcoin ETFs between Oct. 14 and 18 came from BlackRock’s IBIT. With the $1.1 billion influx, IBIT has the third-highest flow for the year. It was also IBIT’s best week since March, which proved that it is the fastest-growing ETF on Wall Street and in the history of finance.
The popularity of U.S. spot Bitcoin ETFs has brought Bitcoin as an asset to the media’s attention and sparked policy conversations. While similar things are being said about Ethereum spot ETFs, they haven’t reached as many significant milestones as their Bitcoin peers.
BlackRock’s IBIT alone was worth more than the $7.35 billion put into all the spot Ethereum ETFs. But Bitwise CIO Matt Hougan thinks Ethereum ETFs will work out.
According to Hougan, issuers may have released Ethereum ETFs too early. However, more money will likely flow into ETH funds in the coming years because Ethereum’s environment is growing, and its smart contracts make it appealing to institutional investors.
Crypto funds already in existence have also pushed for more digital asset ETFs to be filed. Bitwise filled out forms for an XRP ETF and a BTC-Treasury ETF and sent them to the Securities and Exchange Commission. Canary Capital, a company started by Steven McClurg, the founder of Valkyrie, also applied for a spot in the Litecoin fund.