30s Summary

US-listed Ether Exchange-Traded Funds (ETFs) saw a record inflow of nearly $296 million, with BlackRock’s ETHA and Fidelity’s FETH each receiving $100 million. Bitcoin ETFs attracted about $1.1 billion, the second-highest recorded amount, led by Bitcoin’s market cap hitting a record $1.78 trillion, surpassing silver as the eighth-largest asset globally. Bloomberg analyst, Eric Balchunas, highlighted Bitcoin ETFs’ growth to $84 billion, suggesting it could surpass gold before its first anniversary. Meanwhile, the shares of Microstrategy and Coinbase reached new highs, contributing to the Bitcoin Industrial Complex’s record $38 billion trading volume. At the time of the report, Bitcoin and Ether were trading at $88,000 and $3,400, respectively.

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US-listed Ether ETFs had their biggest net inflow ever, with an increase of almost $296 million. Meanwhile, Bitcoin outpaced silver to become the world’s eighth-largest asset in terms of market cap.

On Monday, a massive flow of cash went into US spot crypto exchange-traded funds (ETFs) as Bitcoin, the leading token by market cap, almost hit an all-time high of $90,000.

In particular, Ether ETFs saw a huge increase with net investments reaching a record $295.5 million. BlackRock’s ETHA and Fidelity’s FETH saw $100 million each, according to Farside Investors’ data.

Bitcoin ETFs also garnered a significant flow of cash, about $1.1 billion, marking the second-highest amount on record as per data from SoSoValue. This rise was accompanied by Bitcoin’s market cap reaching a record-breaking $1.78 trillion, surpassing silver to clinch the spot of the eighth-largest asset by market cap globally. Of this amount, the iShares Bitcoin Trust (IBIT) received a sizeable chunk – $765.5 million, while Fidelity’s FBTC gained $135.1 million.

Senior Bloomberg analyst Eric Balchunas pointed out that US spot Bitcoin ETFs have now grown to $84 billion, which is two-thirds the size of gold ETFs. He suggests that it’s possible Bitcoin could overtake gold before its first anniversary, a milestone originally estimated to take three to four years.

The records weren’t just limited to crypto investments. The shares of Microstrategy (MSTR), the publicly traded company with the largest holding of BTC, reached an all-time high. Crypto exchange Coinbase (COIN) also gained and topped $320, a price level not seen since November 2021.

Balchunas highlighted in a separate post that Bitcoin Industrial Complex (includes ETFs, MSTR, COIN) experienced $38 billion in trading volume that day, setting multiple lifetime records, with IBIT contributing $4.5 billion of the volume.

As of the time of the report, Bitcoin was trading at $88,000, and Ether was around $3,400.