- BlackRock ETF picked up more than $18 billion over the first six months of the year
- The inflows arrived above those of the most popular technology ETF QQQ
- Bitcoin has added more than 50% to its market cap from January to date
Spot BTC ETF by BlackRock Picks Up $18 Billion
The spot Bitcoin exchange-traded fund by BlackRock, the world’s largest asset manager with $10 trillion in assets, is outperforming the most popular technology ETF out there – Nasdaq 100’s Invesco ETF QQQ.
The move indicates increased buyer appetite for the time Bitcoin has been trading side by side with stock, bonds, and currencies. Since the launch of the spot Bitcoin ETFs in January, the crypto industry hasn’t been the same.
Bitcoin Up More than 50% on the Year So Far
Bitcoin, for one, has added more than 50% to its market value and its price, floating at a valuation of $1.2 trillion, and boasting a price of $67,000 per token earlier today. Moreover, the elevated optimism swept across the entire crypto market, lifting its value to a record of more than $3 trillion.
At that time, Bitcoin hit a record of $73,000 as crypto traders and enthusiasts celebrated the rollout of the new investment vehicles on Wall Street.
Presently, the outlook for the digital asset space remains bright, especially when the market factors in a Presidency by Donald Trump.
The former President has reiterated his crypto-friendly stance and has vowed to pursue crypto-friendly regulatory guardrails that will provide investor protection but also let the business grow and expand.
Ether ETFs Start Trading on Wall Street
Moreover, the crypto landscape hit a new milestone on Tuesday when the second-largest token — Ethereum — gained investor attention. The token landed for trading on Wall Street through nine exchange-traded funds (ETFs) packaged by eight providers, including BlackRock, Fidelity and Grayscale.
The new investment vehicles, holding actual Ethereum, allow anyone to own shares of the ETFs, and experience the thrill of volatility and price fluctuations. The Ether-based ETFs picked up more than $100 million in net inflows and generated trading volume of more than $1 billion. Ether’s price, however, was unfazed as it stayed flat and moving sideways around $3,460 per token.
