In one of the most significant trading days in Bitcoin’s history, Bitcoin and ether ETFs experienced a surge in inflows as investors flocked to U.S. spot crypto exchange-traded funds (ETFs) on Monday. Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, soared to an all-time high, just shy of $90,000.
Ether (ETH) ETFs reached a record $295.5 million in inflows, with BlackRock’s ETHA and Fidelity’s FETH each drawing in $100 million, based on data from Farside Investors.
Bitcoin ETFs brought in a staggering $1.1 billion, marking the second-largest inflow day on record, according to SoSoValue. This came as Bitcoin’s market cap surged to $1.78 trillion, surpassing silver to become the eighth-largest asset globally. The iShares Bitcoin Trust (IBIT) captured the majority, with $765.5 million in inflows, while Fidelity’s FBTC gathered $135.1 million.
“U.S. spot bitcoin ETFs now manage $84 billion in assets, which is two-thirds of gold ETFs. Remarkably, they may surpass gold sooner than expected, potentially within the first year, instead of the projected 3-4 years,” Bloomberg analyst Eric Balchunas remarked on X.
The rally extended beyond ETFs alone. MicroStrategy (MSTR), the public company holding the largest Bitcoin reserve, reached a record high in share price. Meanwhile, Coinbase (COIN) surged past $320 per share, a level last seen in November 2021.
“The Bitcoin Industrial Complex, encompassing ETFs, MSTR, and COIN, saw $38 billion in volume today, breaking lifetime records across the board. IBIT alone saw $4.5 billion in trades, hinting at strong inflows for the week. It was a phenomenal day, deserving a name of its own, like ‘Volmageddon,’” Balchunas added in a separate post.
At the time of this report, Bitcoin is trading at $88,000, with ether priced around $3,400.
