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Wall Street has demonstrated a significant surge in cryptocurrency investment, with a staggering $3.6 billion flowing into Bitcoin and Ethereum Exchange-Traded Funds (ETFs) within a single week. This substantial influx underscores a growing institutional appetite for digital assets, pushing both Bitcoin and Ethereum to multi-month and all-time highs.
Unprecedented Inflows into Bitcoin ETFs
Bitcoin ETFs experienced remarkable net inflows, totaling over $2.7 billion in the past week. The demand was particularly pronounced towards the end of the trading week.
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Thursday's Surge: Thursday marked the second-largest inflow day in the 18-month history of Bitcoin ETFs, with $1.1756 billion pouring in. BlackRock's IBIT led with $448.5 million, followed by Fidelity's FBTC ($324.3 million) and Ark Invest's ARKB ($268.7 million).
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Friday's Momentum: Friday continued the strong trend with $1.0296 billion in inflows. IBIT dominated, attracting $953.5 million, significantly outpacing other funds.
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Weekly Total: Including inflows from Monday ($216.5 million), Tuesday ($80.1 million), and Wednesday ($215.7 million), the total weekly net inflow for Bitcoin ETFs reached $2.7175 billion.
This robust investment activity directly impacted Bitcoin's price, which soared by over $10,000 to reach a new all-time high of nearly $119,000 on Friday. Notably, Bitcoin ETFs have seen only one negative day since June 9, highlighting sustained investor confidence.
Ethereum ETFs Also Impress
Spot Ethereum ETFs also witnessed significant investor interest, recording $908.1 million in total weekly inflows.
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Record Daily Inflows: Thursday set a new record for daily inflows into Ethereum ETFs, with $383.1 million.
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Consistent Inflows: Friday and Wednesday also saw substantial inflows of $204.9 million and $211.3 million, respectively. Monday and Tuesday contributed $62.1 million and $46.7 million.
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BlackRock's Dominance: BlackRock's ETHA was a major beneficiary, attracting over $300 million on Thursday and $137.1 million on Friday.
The increased interest in Ethereum ETFs positively impacted ETH's price, which climbed from $2,500 on Wednesday to a multi-month high of $3,040 on Friday, representing a weekly gain of over 17%.
Total Market Impact
In aggregate, Bitcoin and Ethereum ETFs collectively attracted more than $3.6 billion in a single week, signaling a strong and growing institutional embrace of the cryptocurrency market. This trend suggests a maturing landscape for digital assets, with traditional financial players increasingly integrating them into their portfolios.
Sources
This article was created with support from AI-driven technology, drawing on multiple reputable sources. The final content has been thoroughly reviewed and edited by BlockzHub's editorial team to ensure accuracy, clarity, and coherence. Original reporting sources are credited whenever appropriate and as required. The opinions expressed in this article do not necessarily represent the official views or positions of BlockzHub. This article is intended for informational purposes only and should not be considered financial or professional advice. Investing involves risk, and you should consult a qualified financial advisor before making any investment decisions.