BlackRock Shifts Institutional Focus from Ethereum to Bitcoin
- BlackRock sold Ethereum while acquiring $366 million in Bitcoin.
- Fidelity’s FBTC saw inflows of $134.71 million, and Bitwise’s BITB attracted $40.43 million.
- BlackRock’s Ethereum vehicle experienced significant withdrawals, indicating a shift in institutional interest.
- On September 12, Bitcoin traded at $116,162, reflecting a daily gain of 0.54% and a yearly increase of over 102%.
- In contrast, Ethereum rose by approximately 4% to $4,639.5 but remains behind Bitcoin in institutional flows.
The recent capital movements by BlackRock highlight a clear preference for Bitcoin among institutional investors as they reduce exposure to Ethereum. This trend is further supported by the performance metrics showing strong demand for Bitcoin as an inflation hedge.
As BlackRock continues to buy Bitcoin while selling Ethereum, the data indicates a decisive institutional shift with Bitcoin gaining traction as the preferred asset.(Source)
