Crypto
Bitcoin Surges Past $70,000 as BlackRock's IBIT Pulls In Nearly $600 Million
The cryptocurrency market staged a powerful rebound this week, with Bitcoin surging toward the $70,000 mark, its highest level since early June.
Institutional capital flooded back into the market, led by BlackRock's iShares Bitcoin Trust (IBIT), which pulled in $588.5 million over three trading sessions from August 17 to 19.
Bitcoin accounted for 77% of the $1.3 billion total increase in crypto fund assets during the period, with average daily Assets Under Management reaching 4.1 times the historical average.
Ethereum also benefited from the capital wave, with BlackRock's iShares Ethereum Trust (ETHA) bringing in $212.7 million over three days as Ethereum posted an 18% single-day gain.