It has just come to light that BTC and ETH exchange-traded funds (ETFs) sponsored by BlackRock received $860 million in inflows in the past 24 hours. Upon further investigation, it is revealed that most of this amount is still held by IBIT, a Bitcoin exchange-traded fund (ETF) run by BlackRock. The fund received $733.6 million in new capital, as reported by Bloomberg. Meanwhile, $132.3 million was brought in by ETHA, a BlackRock Ethereum ETF, during the prior day.
Bitcoin Dominates as Altcoins Struggle
Not only are the figures astounding, but they also reflect the present tendencies in the cryptocurrency market. With its price reaching new all-time highs nearly weekly, Bitcoin remains dominant. Along with other major altcoins, Ethereum is falling behind, with its price experiencing considerable volatility and occasional stumbles. Despite this, it still aims close to its previous high, established in 2021, at roughly $4,800.
And the remaining consumers? In the past few weeks, it seemed like the altcoin season had begun; however, things are starting to seem quite bleak again, and Bitcoin’s unstoppable ascent is making matters worse for altcoins. Consequently, the market is still based on Bitcoin.
Ethereum ETFs See $1.5B Inflows
There have been 13 consecutive days of inflows into the BlackRock Bitcoin & Ethereum, bringing the total to $1.5 billion, and $2.5 billion into spot Ethereum ETFs since their inception in July, as pointed out by Nate Geraci, president of ETF Store. Nevertheless, the $3.5 billion in net outflows from the Grayscale Ethereum Trust would dampen the price increase of ETH.
Geraci, however, “doesn’t even know what to say anymore” due to his amusement at IBIT’s performance. If yesterday’s inflows were to be considered, the president of the ETF Store claims that BlackRock’s Bitcoin ETH would rank among the top 20 ETF launches of 2024. Of the 700 new ETFs, that is all.
Summary
In the last 24 hours, BlackRock Bitcoin & Ethereum and Ethereum ETF (ETHA) had substantial capital inflows. The former received $733.6 million, while the latter received $132.3 million. Since Bitcoin keeps setting new records while Ethereum is unstable, this highlights Bitcoin’s market supremacy. Even if Ethereum ETFs received $1.5 billion in 13 days straight, the $3.5 billion that left the Grayscale Ethereum Trust limits Ethereum’s growth. It is becoming increasingly difficult for altcoins, such as Ethereum, to compete with Bitcoin in the market.
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