BlackRock Loads Up on Crypto as Market Sees Slight Uptick
Despite the current market downturn and US economic data-driven slump in cryptocurrency markets, two BlackRock exchange-traded funds (ETFs) have been consistently purchasing large amounts of digital assets.
The iShares Staked Ethereum Trust ETF (ETHB) has made its twentieth consecutive day of inflows, buying $13.9 million worth of Ethereum on September 10 alone, bringing the total to $250 million in three weeks. Notably, ETHB is an outlier among major ETH ETFs, with sister fund ETHA and Fidelity's Ethereum Fund (FETH) seeing outflows during this time.
The iShares Bitcoin Trust ETF (IBIT) has also been accumulating cryptocurrency, purchasing nearly $700 million worth of BTC in just three days. However, its buying activity has not been as consistent as ETHB's.
Both funds' performance remains closely tied to the underlying cryptocurrencies and the overall digital assets market. Ethereum is up 34% in the last 30 days, while Bitcoin has rallied nearly 22%. Despite a weekly slump for IBIT, the fund's price remains at $43.68, with a monthly gain of 21.54%