BlackRock Sweeps Up $1 Billion in a Week, Will it Rekindle the Crypto Rally?

▲ BlackRock, Bitcoin (BTC), Ethereum (ETH)/AI generated image ©

Global asset manager BlackRock has once again demonstrated institutional investors' insatiable appetite for the cryptocurrency market, including the leading cryptocurrency Bitcoin (BTC) and XRP (Ripple), by vacuuming up nearly $1 billion in digital assets in just one week.

According to crypto media outlet Finbold on April 25 (local time), BlackRock accumulated a total of $931.6 million worth of cryptocurrencies, driven by strong inflows into Bitcoin spot ETFs and Ethereum (ETH) spot ETFs over the past five trading days. The vast majority of this buying activity occurred through BlackRock's iShares Bitcoin Trust, which recorded net inflows of $732.6 million.

Inflows into Bitcoin spot ETFs were particularly strong in the middle of the week. Massive funds totaling $256 million and $246.9 million poured in on April 20 and 22, respectively, marking the peak of accumulation. This strong momentum continued on the 23rd with an additional $167.5 million, but the enthusiasm cooled somewhat on the 24th, with inflows of $22.9 million. Despite some outflows from competing funds, the overall trend clearly indicated a sustained increase in institutional exposure to the leading cryptocurrency.

Ethereum, the leading altcoin, also saw consistent, albeit smaller, capital allocation. BlackRock's Ethereum spot ETF attracted approximately $199 million in net inflows during the same period. After peaking at $89.3 million on April 20, it continued its positive trend with $52.5 million on the 21st and $53.6 million on the 22nd. It paused briefly on the 23rd with a net outflow of $21 million but successfully rebounded on the 24th with a net gain of $24.6 million.

As the cryptocurrency market shows a full recovery, institutional investors continue to pour massive capital into US spot exchange-traded funds this month. Bitcoin funds are showing their strongest performance this year, and Ethereum products are also recording a continuous streak of inflows. Overall, Bitcoin spot funds recorded inflows for 8 consecutive trading days until April 23, attracting approximately $2.1 billion in new capital.

Driven by this explosive buying spree, total inflows in April surged to $2.4 billion, double that of March, and cumulative fund flows since the beginning of the year also quickly turned positive, signaling a green light for the market's long-term bullish outlook.

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