The post Bitcoin and Ethereum ETFs Recorded Massive Inflow, Blackrock Leading The Charge appeared first on Coinpedia Fintech News
Since the beginning of this week, bitcoin has seen its price surging from $67,849 to touching the new ATH of 77,230, thanks to the excitement around the U.S. presidential election! With pro-crypto candidate Trump taking the lead, Bitcoin and Ethereum spot ETFs have seen massive moves this week, bringing institutional interest back into the crypto.
Bitcoin ETF See Big Moves After U.S. Election
Bitcoin ETFs witnessed some of the most significant trading activity in recent history. On November 4, Bitcoin ETFs experienced the second-largest outflow of $541 million, with investors pulling money out due to uncertainty around the U.S. election.
Spot ETF:
$1.63B to $BTC and
Week: 4 to 8 November 2024
The BTC and ETH ETFs have just experienced a volatile trading week, with several top inflows and outflows recorded amid the #USelection and President Trump’s win.
— Spot On Chain (@spotonchain) November 9, 2024
But just a couple of days later, on November 6, Bitcoin ETFs saw a huge inflow of $621.9 million after Trump won the election. This boost in money showed that investors were feeling more confident.
Meanwhile on the very next day, on Nov 7, Bitcoin ETFs saw their largest-ever inflow of $1.378 billion, a clear sign of stronger market interest.
Blackrock Lead ETF Inflow
A big reason for this was BlackRock, a major investment firm. BlackRock’s Bitcoin ETF, IBIT, added 16,254 BTC (worth about $1.25 billion) to its holdings. This brought BlackRock’s total Bitcoin holdings to 449,967 BTC, worth $34.4 billion more than the value of all the gold in the world.
Ethereum ETFs Follow BTC Path
While Ethereum didn’t even stand back when BTC was surging. Similarly on 4th Nov ETH recorded the 7th largest outflow of $63.2 million. However, by November 7 and 8, Ethereum ETFs saw significant inflows, marking the third- and fourth-largest inflows in their history.
On November 7, Ethereum ETFs experienced an inflow of $79.7 million, followed by an even bigger surge the next day, with $85.9 million flowing in.
Leading the inflow charge, BlackRock, spot Ether ETF recorded the highest daily inflows of $60.3 million in the 94 days.
Ethereum Price Eyes $4K
Ethereum’s price is currently testing the 100-day Simple Moving Average (SMA) near the $3,000 level. If ETH breaks above this, it could move toward the next resistance at $3,366, bringing it closer to the $4,000 mark.
Right now, Ethereum is trading around $3,031, reflecting a 21% rise over the past week, with a market cap of $365 billion.
