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BlackRock, the world’s largest asset manager, has solidified its dominance in the cryptocurrency space by accounting for over $1 billion in inflows into Bitcoin and Ethereum ETFs. In the past day, BlackRock accounted for a whopping $1.07 billion in inflows into BTC and ETH.
According to a Dec. 6 update shared by Lookonchain, the group of 10 Bitcoin ETFs witnessed a net flow of 7,591 BTC, or $750.67 million. BlackRock alone saw inflows of 7,727 BTC, valued at around $764.11 million. This has significantly bolstered its Bitcoin holdings, with BlackRock’s Bitcoin fund surpassing $51 billion in the most successful ETF launch in history. BlackRock now holds a staggering 521,164 BTC, valued at $51.54 billion.
This makes BlackRock one of the largest institutional holders of Bitcoin, further solidifying its position as a key player in the cryptocurrency market.
Tomiwabold OlajideThe group of nine Ethereum ETFs experienced a net flow of 108,045 ETH, totaling $433.15 million. BlackRock's share of this was substantial, with inflows of 76,600 ETH valued at $307.09 million. Currently, BlackRock holds 837,578 ETH, worth approximately $3.36 billion. This places BlackRock as a big player in the Ethereum market as well. According to Bloomberg, Ethereum exchange-traded funds listed in the United States experienced a record day inflow of $428 million on Thursday.
Market frenzy fuels $1 trillion ETF rush
According to Bloomberg, optimism in the markets has spurred a record $1 trillion in U.S. exchange-traded funds so far in 2024, marking yet another milestone for the industry.
With 16 trading days remaining, this year's net inflows have already exceeded the $903 billion high set in 2021. Investor demand for assets ranging from fixed income to speculative leveraged bets packaged in an easy-to-trade ETF has fueled the growth.
Adding to the frenzy of new products were the first cryptocurrency ETFs that held Bitcoin directly, which witnessed record demand.
Major players, including BlackRock, received approximately 60% of all flows. Nonetheless, smaller issuers made progress this year compared to 2021. Globally, ETFs have received more than $1.5 trillion this year, with every region from Asia to Europe reporting record funds.
More bullish catalysts are expected on the horizon, including the possibility that regulators might approve new ETFs.
Gamza Khanzadaev
Alex Dovbnya
Dan Burgin
Vladislav Sopov