CandleFocus

BlackRock Bitcoin, Ethereum ETFs notch $158 million net inflows amid market recovery

iShares Bitcoin Trust (IBIT) and Ethereum Trust (ETHA) experienced a significant increase in net inflows of $158 million on Tuesday as the crypto market rebounded and Bitcoin surpassed $64,000. IBIT attracted $99 million, marking its largest single-day inflow since August 23 and bringing its total net buying since launch to $21 billion. Other competing funds, including those managed by Fidelity, Bitwise, and Grayscale, also saw gains. The US spot Bitcoin ETFs ended the day with approximately $136 million in net capital. In the Ethereum ETF market, there was a turnaround as investors withdrew over $79 million on Monday but collectively invested $62.5 million on Tuesday. The positive performance of crypto ETFs was linked to Bitcoin's price surge. The uptick in Bitcoin's value is attributed to the easing of monetary policies by global economies, including the US Federal Reserve's interest rate cut and China's monetary stimulus package. Bitcoin is now targeting the $65,000 mark, which analysts believe is crucial for confirming a bullish trend.

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