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As Bitcoin (BTC) updates historic high price after high price, news from the fields of investment products focused on the main cryptocurrency is also coming up. Thus, according to the latest data from Lookonchain, the volume of injections into the wallets of Bitcoin ETF issuers over the past day amounted to 9,363 BTC or $884.9 million.
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Interestingly, the traditional leader in the form of BlackRock and its IBIT Bitcoin ETF lost the top spot to ARK Invest with their ARK 21 Shares Bitcoin ETF, which added 2,871 BTC to its balance. BlackRock itself saw inflows of 2,321 BTC during the period under review.
This is not even the second result, which went to the Fidelity Wise Origin Bitcoin Fund with 2,753 BTC. Other players in the Bitcoin ETF space recorded comparatively smaller inflows.
As of today, BlackRock holds 474,276 BTC on its balance sheet. In second place here is Fidelity with 194,078 BTC. Rounding out the top three is ARK Invest with 21 Shares and a combined holding of 49,699 BTC. The state of the market is eloquently illustrated by data on flows into Ethereum ETFs.
When is altcoin season?
While Bitcoin is updating highs in price, Ethereum is updating lows against the main cryptocurrency not seen since 2021. Similarly, on the investment products front, Lookonchain data shows that Ethereum ETFs have seen outflows of 26,071 ETH, equivalent to $81.16 million, in the past 24 hours.
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So far, the trend is obvious – all the money and attention are flowing into the main cryptocurrency, and altcoins with Ethereum as the headliner, as a consequence, remain overboard, and while we can see some positive signs, we cannot envision them being stable.