A historic day for crypto ETFs
The crypto ETF market experienced an exceptional influx on Monday, marking one of the biggest days in Bitcoin’s history. Last Monday, as BTC approached $90,000, investments in US-based crypto ETFs soared. The total amount of net flows into Ethereum Spot ETFs reached nearly $296 million, a record since the introduction of these products.
BlackRock and Fidelity, two asset management giants, recorded the largest inflows, each collecting $100 million through their respective funds ETHA and FETH. Grayscale’s ETH mini ETF also saw $64 million in net inflows for the day.
A massive influx into Bitcoin ETFs
Bitcoin, on the other hand, attracted impressive investments. ETFs dedicated to BTC garnered $1.1 billion, the second-highest amount ever recorded. The iShares Bitcoin Trust (IBIT) was the main beneficiary of this influx, receiving $765.5 million, while Fidelity’s FBTC fund added $135.1 million to its assets.
This massive influx comes as the market capitalization of Bitcoin soared to a record level of $1.78 trillion, surpassing that of silver to become the eighth-largest asset in the world.
Eric Balchunas, a senior analyst at Bloomberg, highlighted the rapid ascent of Bitcoin ETFs in the United States.
Record performances for MicroStrategy and Coinbase
This exceptional day also benefited companies related to the Bitcoin ecosystem. Shares of MicroStrategy (MSTR), a publicly traded company with the largest BTC reserve, reached an all-time high. Meanwhile, Coinbase (COIN), one of the leading crypto exchange platforms, surpassed $320 for the first time since November 2021.
Eric Balchunas referred to this day as “insane,” noting that the transaction volume of the “Bitcoin Industrial Complex” (including ETFs, MSTR, and COIN) reached $38 billion, with impressive records such as $4.5 billion in volume traded by IBIT. He believes this frenzy deserves a memorable name, similar to “Volmageddon.”
