BlackRock scoops up over $650M of these cryptocurrencies in the first week of March

As the cryptocurrency market recovers, institutional investors are showing renewed interest through increased accumulation via spot exchange-traded funds ( ETFs ). In this context, BlackRock , the world’s largest investment firm, accumulated more than $650 million worth of Bitcoin ( BTC ) and Ethereum ( ETH ) through its spot ETFs during the first week of March. Data from March 2 and March 3 show that BlackRock’s iShares Bitcoin Trust (IBIT) drew net inflows of $263.20 million and $322.40 million, bringing its two-day Bitcoin total to $585.60 million and accounting for the majority of U.S. spot Bitcoin ETF inflows during the period. Market-wide, Bitcoin ETFs recorded $458.20 million in net inflows on March 2 and $225.20 million on March 3, remaining solidly positive despite outflows from some funds. IBIT captured the largest share of both days’ additions. Total Bitcoin ETF inflow. Source: Coinglass On the other hand, Ethereum flows were more mixed, but BlackRock’s iShares Ethereum Trust (ETHA) added $26.50 million on March 2 and $41.90 million on March 3, lifting its two-day total to $68.40 million. Across all issuers, Ethereum spot ETFs posted $38.70 million in net inflows on March 2 before shifting to a $10.80 million net outflow on March 3. Even so, BlackRock maintained positive momentum in its Ethereum fund. Total Ethereum ETF inflow. Source: Coinglass In total, BlackRock deployed approximately $654 million into Bitcoin and Ethereum over the two sessions. Spot ETF inflows recovers Overall, U.S. spot cryptocurrency ETFs have experienced a notable resurgence in inflows this week. Over the past five days, spot Bitcoin ETFs have pulled in approximately $1.4 billion, marking a sharp rebound from prior weeks’ drawdowns. Analysts attribute the buying to institutions capitalizing on Bitcoin’s recent dip, even as geopolitical tensions, including developments in the Middle East, weigh on broader risk assets. This institutional accumulation has helped propel Bitcoin higher, with the cryptocurrency climbing above $71,000 after earlier range-bound trading around $68,000. The post BlackRock scoops up over $650M of these cryptocurrencies in the first week of March appeared first on Finbold .