Ether ETF Inflows Break a Record, Bitcoin ETFs are in Popular

Investors poured money into US spot crypto exchange-traded funds (ETFs) yesterday as bitcoin (BTC), the largest cryptocurrency by market cap, climbed to a record high of $90,000.

Investments in ether (ETH) ETFs reached $295.5 million, with BlackRock’s ETHA and Fidelity’s FETH raising a net $100 million, according to data from Farside Investors.

Bitcoin ETFs generated a massive net inflow of $1.1 billion, a second record, according to SoSoValue data, while the cryptocurrency’s market cap rose to $1.78 trillion. Thus, bitcoin overtook silver as the eighth largest asset by market value.

Bloomberg senior analyst Eric Balchunas wrote in his X post: “Assets in US spot bitcoin ETFs have now reached $84 billion, which is 2/3 of the assets held by gold ETFs. Frankly, we predicted that it would take 3-4 years to catch up with gold, but it looks like it will take much shorter.”

The gains were not limited to crypto ETFs. Shares of MicroStrategy (MSTR), the public company with the largest BTC accumulation, reached record levels. Shares of crypto exchange Coinbase (COIN) also exceeded $320 for the first time since November 2021.

According to Balchunas’ post, “The Bitcoin Industrial Complex (ETFs + MSTR, COIN) reached $38 billion in trading volume today, with many products breaking records, including IBIT, which achieved $4.5 billion.”

At the time of writing, bitcoin is trading at $86,500 and ether is trading at $3,200.