BlackRock's $1.8 Billion Crypto Bet Fuels Market Rally
BlackRock's cryptocurrency holdings have seen significant growth in recent weeks. The asset manager has accumulated over $1.8 billion worth of Bitcoin (BTC) and Ethereum (ETH) through its spot exchange-traded funds (ETFs).
The largest share of these inflows went into BlackRock's iShares Bitcoin Trust (IBIT), which attracted around $1.33 billion between August 17 and August 21. The iShares Ethereum Trust (ETHA) added another $536.8 million during the same period.
The combined inflows made BlackRock a key driver of the crypto market's latest rally, with U.S. spot Bitcoin ETFs attracting approximately $1.9 billion in net inflows and spot Ethereum ETFs adding nearly $700 million.