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Bitcoin and Ethereum’s popularity has reached new heights as their respective exchange-traded funds (ETFs) have surpassed the staggering $5 billion mark in net inflows. This remarkable achievement is even more impressive considering that it took only 12 trading days for this milestone to be achieved, beating the previous record by three days.
According to Farside Investors data, Ethereum ETFs have seen an astonishing surge in demand, with BlackRock’s iShares Ethereum Trust (ETHA) recording a massive $675 million in weekly net subscriptions. This monumental achievement places ETHA sixth on the list of all US ETFs for the period ending July 11.
It is no surprise that this impressive growth is largely attributed to the rising interest in Bitcoin and its sister cryptocurrency, Ethereum. The latter’s decentralized blockchain platform has enabled the creation of smart contracts and decentralized applications (DApps), leading to increased adoption by institutional investors.
In a statement, Eric Balchunas, Senior ETF Analyst at Bloomberg, emphasized ETHA’s impressive performance. “It is significant that ETHA has broken into the top six, eclipsing traditional equity and bond vehicles. This speaks volumes about the growing appeal of Ethereum-based investments,” he stated.
While it may seem counterintuitive to focus on Bitcoin ETFs alongside Ethereum, it appears that institutional investors are increasingly drawn to both assets as a hedge against market volatility and other unforeseen events.
As this trend continues to unfold, we can expect even more astonishing growth in the cryptocurrency space.
Source: cryptoslate.com
