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BlackRock Buys 150,000 ETH: ETFs See Record $1 Billion in Inflows
A historic day for the cryptocurrency market has taken place, as spot Ether exchange-traded funds (ETFs) have seen a record-breaking inflow of over $1 billion. This staggering figure is a testament to the growing interest and trust placed by institutional investors in Ethereum’s potential.
According to recent reports, BlackRock, one of the world’s largest asset management firms, has made a significant purchase of 150,000 ETH. This monumental move underscores the company’s conviction in the long-term prospects of the Ethereum blockchain and its native cryptocurrency.
The unprecedented influx of funds into spot Ether ETFs marks an extraordinary milestone for the industry, with over $10 billion in total inflows since their inception. Industry experts suggest that this surge is largely attributed to institutional investors finally grasping the underlying value proposition presented by Ethereum’s role as the “backbone of future financial markets.”
Coinciding with these record-breaking inflows was a surge in ETH prices, reaching almost four-year highs at $4,350 on Monday. This drastic increase can be seen as a validation of the investment strategy employed by these institutional investors.
In contrast, Bitcoin ETFs have not experienced the same level of enthusiasm, with only $178 million flowing into such products on Monday. BlackRock’s IBIT fund accounted for most of this sum, with an inflow of $138 million.
However, it is important to note that Bitcoin ETFs have still seen a four-day consecutive trading day inflow streak totalling $950 million. It appears that the market is currently experiencing a rotation towards Ethereum and away from Bitcoin.
The author has been covering developments in the blockchain and cryptocurrency industry since 2017 and has previous trading experience.
Source: cryptopotato.com
