BlackRock's Bitcoin ETF Gobbles Up $1B This Week, Fidelity Leads Among Ethereum ETFs With $31M

BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT) ETF has attracted over $1 billion in inflows this week alone, which has helped propel the apex crypto to a 10% seven-day gain.

BlackRock’s (NYSE:BLK) iShares Bitcoin Trust (NASDAQ:IBIT) ETF is leading the pack in terms of inflows this week, attracting a staggering $1 billion, while Fidelity’s (NYSE:FIS)دارة السجلات القابضة (BATS:FETH) ETF is leading among spot ether ETFs with $31 million in inflows on Thursday.

What Happened: Spot bitcoin ETFs in the U.S. garnered $470 million on Thursday alone, data from SoSo Value showed.

BlackRock’s IBIT ETF was at the forefront, pulling in $309 million, contributing to a total of $1.07 billion for the week. Overall, spot bitcoin ETFs saw 12 funds amassing over $1.85 billion this week.

Ark and 21Shares’ (BATS:ARKB) ETF saw over $100 million in inflows. Grayscale’s (OTC:GBTC) ETF recorded $45.70 million, while Fidelity’s ETF had $11.69 million.

This trend is likely a result of favorable macroeconomic conditions, crypto analyst Rachael Lucas told The Block. When central banks reduce interest rates, investors are known to explore alternative assets.

Bitcoin ETFs saw a trading volume of approximately $1.47 billion on Thursday, slightly lower than the previous day. Since January, the cumulative net inflows have reached $20.66 billion, a milestone described by Bloomberg’s Eric Balchunas as “the most important metric in ETF world.”

Spot Ethereum (CRYPTO: ETH) ETFs also reported positive flows, with $48.41 million on Thursday. Fidelity’s ETF led with $31.12 million, followed by BlackRock’s (NASDAQ:ETHA) with $23.56 million. However, Grayscale’s (OTC:ETHE) ETF experienced outflows of $15.74 million.