Fidelity’s Strategic Bitcoin Acquisition: A New Wave of Institutional Investment
In a significant move, Fidelity has emerged as a leader in institutional cryptocurrency acquisition by purchasing 610 Bitcoin, valued at roughly $66 million. This acquisition was facilitated through Fidelity’s Wise Origin Bitcoin Fund (FBTC), as reported by data from Lookonchain.
FBTC Fund Emerges as a Major Bitcoin Player
As of July 7, the FBTC fund’s holdings have expanded to 203,509 BTC, positioning it as the second-largest Bitcoin Exchange-Traded Fund (ETF) by assets. It trails only behind BlackRock’s iShares Bitcoin Trust (IBIT), which maintains a commanding lead with 698,919 BTC. Overall, the cumulative daily net inflow for Bitcoin ETFs reached 3,199 BTC, equivalent to $345.7 million.
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Fidelity’s Ethereum Fund Makes Significant Gains
Fidelity is not only making strides in Bitcoin but also in Ethereum. Its Ethereum Fund (FETH) recorded the highest daily inflow, acquiring 24,968 ETH, valued at approximately $63.3 million. This one-day acquisition represents the majority of the $63.3 million daily net inflow for Ethereum ETFs. On a weekly basis, the inflows for Ethereum ETFs have now soared to $218.6 million.
Combined Capital Inflows Reflect Growing Institutional Interest
On July 7 alone, the combined capital influx for spot Bitcoin and Ethereum ETFs exceeded $409 million. This substantial figure underscores the sustained interest from institutional investors in cryptocurrency assets.
BlackRock’s Parallel Expansion in the Crypto Market
This surge in activity comes on the heels of BlackRock’s own expansion efforts. The iShares Bitcoin Trust amassed 1,388 BTC, valued at $164.3 million. Concurrently, BlackRock’s iShares Ethereum Trust (ETHA) increased its holdings by 20,955 ETH, worth $53.2 million. Over a span of just 12 months, BlackRock’s ETHA has accumulated over 1.8 million ETH, representing more than 1.5% of the total Ethereum supply.
ETFs: Catalysts for Mainstream Crypto Adoption
These persistent inflows highlight the evolving role of ETFs in mainstream cryptocurrency adoption. Traditional asset managers, such as Fidelity and BlackRock, are pivotal in driving long-term institutional exposure to digital currencies. This trend underscores a broader acceptance and integration of digital assets within conventional financial systems.
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