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Apr 9, 10:14 AM
Blackrock and Fidelity Drive Bitcoin ETF Boom, Market Hits $18.9B Amid $72K BTC Price
Crypto

Blackrock and Fidelity Drive Bitcoin ETF Boom, Market Hits $18.9B Amid $72K BTC Price

Authors
  • Bitcoin Magazine
  • Bitcoin.com News
  • Watcher.Guru
28

The cryptocurrency market is witnessing a significant influx of investments into Bitcoin ETFs, with major financial institutions like Blackrock and Fidelity leading the charge. Blackrock has recently purchased 12,000 Bitcoin, amounting to $327 million, while Fidelity acquired 6,000, indicating a strong and sustained interest in cryptocurrency investment products three months after the introduction of Bitcoin ETFs. The U.S. saw the approval of 11 spot Bitcoin ETFs in January, attracting approximately $10 billion in net inflows within just two months. Recent data highlights a total net inflow of $12.61 billion into US Spot Bitcoin ETFs, with a daily net inflow of $203 million as of April 5. Despite the outflows from Grayscale's Bitcoin Trust, which saw $303 million outflows in a single day, the overall market sentiment remains positive. Fidelity's spot Bitcoin ETF has surpassed 150,000 BTC, holding over $10 billion worth of Bitcoin. The value of BlackRock’s Bitcoin holdings jumps to $18.9 billion as the market sees nearly $500M more net inflows into US spot bitcoin ETFs ahead of BTC’s latest rise above $72,000. This growing interest is expected to continue until the Bitcoin halving event, with predictions of high spot Bitcoin ETF flows due to sustained high volumes since mid-March, with the daily volume among the top 7 ETFs currently at $3.19 billion. Grayscale's holdings have decreased to 322,697 BTC.

Written with ChatGPT (GPT-4).

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