The post Crypto News: Bitcoin ETFs Soar $1.19B as BlackRock Leads the Charge appeared first on Coinpedia Fintech News
On October 6, spot Bitcoin ETFs recorded strong inflows of $1.19 billion while Ethereum ETFs dropped to $176.5 million. This surge in Bitcoin ETFs shows the continuous demand for the asset amid its price surge. According to data from SoSoValue, BlackRock IBIT outshone other ETFs with its impressive gains.
Bitcoin ETF Breakdown
Bitcoin ETFs recorded a combined $1.19 billion in inflows, which was mostly led by BlackRock IBIT’s $969.95 million. Additional gains were made by:
- Fidelity FBTC: $112.32 million
- Bitwise BITB: $60.12 million
- Invesco BTCO: $7.51 million
The smallest gains of the day were made by WisdomTree BTCW of $5.99 million and Franklin EZBC $3.64 million. The overall trading value surged to $6.53 billion with net assets of $169.48 billion. This marks 6.79% of the Bitcoin market cap.
Ethereum ETF Breakdown
Ethereum ETFs recorded a total of $176.56 million in inflows. Only five out of nine ETFs posted inflows, with BlackRock ETHA leading at $92.59 million. Other funds are:
Fidelity FETH: $23.52 million
Bitwise ETHW: $26.99 million
Grayscale ETH ($4,696.74): $18.69 million
Grayscale ETHE: $14.77 million
The total trading value recorded was $2.65 billion, slightly lower than the previous week. Net assets came in at $32.01 billion, representing 5.66% of the Ethereum market cap.
Market Context
Bitcoin is trading at $124,567 with a market cap of $2.482 trillion, marking a rise from the previous day. Its daily trading volume stands at $66.328 billion. Ethereum is trading at $4,724.41
with a market capitalization of $569.472 billion and 24-hour trading volume of $40.186 billion.
Both assets continue their upside market trend, as their prices hover closely around their all-time highs. This bullish sentiment in Bitcoin and Ethereum is mainly driven by the U.S. government shutdown. As the fear of US dollar devaluation grows, risk assets like crypto take place as an alternative currency, benefiting from such initiatives.
