Ether ETF Inflows Hit Record, Bitcoin Inflows Soar as BTC Eyes $90K

As a seasoned researcher with over two decades of experience in the financial markets, I must say that this surge in crypto investments is nothing short of remarkable. I remember when Bitcoin was barely a blip on the radar screen and Ether was just an obscure project on Ethereum’s GitHub page.

I, as a crypto investor, eagerly invested in U.S.-based spot Bitcoin ETFs yesterday, witnessing a surge, as the leading cryptocurrency, Bitcoin (BTC), approached an unprecedented high of nearly $90,000.

Ethereum-based exchange-traded funds (ETFs) have reached an all-time high of $295.5 million in investments, as BlackRock’s ETHA and Fidelity’s FETH each attracted a total of $100 million, according to data from Farside Investors.

Bitcoin ETFs netted a whopping $1.1 billion, the second-highest amount on record according to SoSoValue data, as the token’s market cap climbed to a record $1.78 trillion, overtaking silver as the eighth-largest asset by market cap on the planet. The lion’s share, $765.5 million, was funneled into the iShares Bitcoin Trust (IBIT) with Fidelity’s FBTC gaining $135.1 million.

The value of assets held in U.S. spot bitcoin ETFs has grown to $84 billion, which is roughly two-thirds of the size of gold ETFs. Surprisingly, there’s now a good chance that bitcoin ETFs could surpass the value of gold ETFs before their first anniversary. This prediction was initially thought to take 3-4 years, according to Eric Balchunas, a senior analyst at Bloomberg.

The records didn’t only include traditional crypto investments; instead, they extended to other areas. For instance, Microstrategy Inc.’s (MSTR) shares, a publicly traded company known for its vast Bitcoin holdings, reached an all-time high. Additionally, the stock price of the cryptocurrency exchange, Coinbase Global Inc. (COIN), surpassed $320 for the first time since November 2021.

As an analyst, I found myself witnessing an unprecedented day in the Bitcoin market today, with the combined trading volume of ETFs like Grayscale Bitcoin Trust (GBTC) and companies such as MicroStrategy (MSTR) and Coinbase (COIN), collectively known as the Bitcoin Industrial Complex, hitting a staggering $38 billion. Remarkably, individual exchanges like IBIT saw an astounding $4.5 billion in trades alone. This massive influx of trading activity underscores a promising week ahead for increased investments. In a separate post, I likened this exceptional day to the infamous “Volmageddon,” highlighting its significant impact on the market.

As of press time, bitcoin is trading at $88,000 and ether around $3,400.