Crypto
Investments and profit share. Concept.
(Getty Images)

Ethereum passes $4,650 as spot ETFs continue strong streak of inflows

Meanwhile, BitMine Immersion Technologies now has more than 2% of the token’s supply.

Sage D. Young

Ethereum crossed $4,650 for the first time in over three weeks on Monday, rising 2.3% in the past 24 hours and roughly 11% in the last seven days. 

After registering six consecutive months of positive inflows, spot ethereum ETFs continue to see strong trends. October has seen $621.4 million of ETF inflows to date, already more than doubling last month’s figure of $287.5 million.

In other news for ethereum:

  • BitMine Immersion Technologies now holds more than 2% of ethereum’s supply with over 2.8 million in the tokens worth over $13 billion. “We remain confident that the two Supercycle investing narratives remain AI and crypto,” BitMine Chairman Tom Lee said in a statement.

  • Crypto asset manager Grayscale announced its Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF have enabled staking, allowing investors to earn a yield on their holdings.

  • Ethereum developers are gearing up for Fusaka, the next network upgrade, which is expected to come at the end of the year. Following ethereum’s last mainnet upgrade several months ago, Fusaka aims to improve the blockchain’s scalability and bring more on-chain economic activity into the network’s ecosystem, according to VanEck.

More Crypto

See all Crypto
Red Sunburst

Solana ETFs listings delayed as JPMorgan predicts the funds to net $1.5 billion in first year

JPMorgan analysts noted that “solana is not perceived by investors the same way as ethereum as the main DeFi/smart contract cryptocurrency.”

crypto

BlackRock’s bitcoin ETF is on the cusp of $100 billion in assets, a milestone it will have achieved in less than two years

While VOO might be the largest ETF in the world, IBIT — BlackRock’s iShares Bitcoin Trust ETF — is the fastest-growing. And the bitcoin-centered product is on the cusp of a major milestone, reporting that it now holds 802,257 BTC, putting it within a whisker of hitting $100 billion in assets (worth roughly $99 billion in good old-fashioned USD at the time of writing).

Considering that BlackRock’s iShares Bitcoin Trust launched only 636 days ago, that’s a remarkable speedrun, as individual and institutional investors have embraced cryptocurrency via the exchange-traded fund. For context, VOO took over 2,900 days to hit the same milestone (about eight years).

VOO vs. IBIT spead to $100 billion assets under management
Sherwood News

As noted in a great piece by Robin Wigglesworth in the Financial Times, IBIT is now a major money-spinner for one of the biggest stalwarts of TradFi. As the largest exchange-traded product in the crypto space, and with a not insignificant expense ratio of 0.25%, the ETF is pulling in somewhere in the region of $250 million of revenue for its asset manager parent company. As Wigglesworth puts it:

“Anyway, it’s heartwarming to see that one of the companies profiting the most from an anarchical, decentralised invention supposedly designed to reorder the global financial system is... BlackRock.”

crypto

Bitcoin ETFs take in more than $2 billion in two days

Bitcoin is down 2.7% from its recent record which saw it passing $126,000, but bitcoin ETFs are still hot.

The ETFs have already amassed more than $2 billion this week, on track to surpass last week’s $3.2 billion in inflows. In total, bitcoin ETFs have just under $165 billion in assets under management, representing 6.78% of the total market cap, SoSoValue data shows.

BlackRock’s iShares Bitcoin Trust by far took the lion’s share, with $1.8 billion of inflows. The fund is also close to $100 billion in assets, despite not even being 2 years old.

Bitwise CEO Matt Hougan said in a note, “The stars are aligned for a very strong Q4 for flows — more than enough to push us to a new record,” in part thanks to the “debasement trade.” 

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money, LLC.