Bitcoin exchange-traded funds (ETFs) finished the week with a thunderous inflow of $675 million, entirely driven by IBIT from Blackrock. Ethereum ETFs also maintained positive momentum, adding $20 million solely through ETHA.
Bitcoin ETFs ended the week with an inflow of $675 million, fully led by IBIT from Blackrock.
As the week came to a close on Friday, May 2, Blackrock reminded the market who is in charge. Its iShares Bitcoin Trust (IBIT) singularly accounted for an astonishing inflow of $674.91 million on Friday, with no other Bitcoin ETF experiencing any activity. Nevertheless, this was enough to push the total net inflow for Bitcoin ETFs for the day to $674.91 million.
The inflow was impeccable, but what a movement it was. With no outflows and competitive records, the dominance of IBIT highlighted how significant the influence of a single player can be in the spot Bitcoin ETF market in the U.S. The total trading volume reached $2.90 billion, and net assets grew to $113.15 billion.
Ethereum ETFs also extended their positive streak, albeit on a smaller scale. Once again, it was ETHA from Blackrock that led the way, attracting $20.10 million. Just like with Bitcoin ETFs, the rest of the group of Ethereum ETFs remained silent, recording neither inflows nor outflows.
The total trading volume for Ethereum ETFs amounted to $153 million, and net assets reached $6.40 billion.
The day's data not only completed a strong week but also reinforced the gravitational pull of the Blackrock machine. Currently, it is IBIT and ETHA that are setting the tone, while everyone else watches.