Technology

Crypto Stocks Rally After Massive $1.8B Bitcoin, ETH ETF Inflow – Crypto News

Published

2 years ago

March 4, 2024

Dripp

In a stunning turn of events, the cryptocurrency market has witnessed a surge in crypto stocks following a massive influx of $1.8 billion into Bitcoin and Ethereum markets. Meanwhile, the pre-market session on March 4 saw stocks like Coinbase (COIN), MicroStrategy (MSTR), BlackRock iShares Bitcoin Trust (IBIT), and Robinhood (HOOD), among others, rallying significantly, riding on the wave of positive sentiment generated by the latest report from CoinShares.

Bitcoin & Ethereum ETFs Notes $1.84 Bln Weekly Inflow

CoinShares’ report highlighted an extraordinary influx of $1.84 billion into digital asset investment products, marking the second-largest weekly inflows on record. Notably, this surge was accompanied by record-breaking trading volumes, surpassing $30 billion for the week.

Meanwhile, Bitcoin dominated the inflows, accounting for 94% of the total at $1.73 billion. In addition, Ethereum also saw a significant uptick, with inflows totaling $85 million, the highest since mid-July 2022. This positive influx seems to have triggered the rally in crypto stocks in the pre-market session today.

Besides, the report underscored the dominance of the United States in driving net inflows, which amounted to $1.88 billion. However, this was partially offset by outflows from established entities like Grayscale, witnessing $1.46 billion in outflows from its Bitcoin ETF.

Nevertheless, new Bitcoin ETF issuers managed to counterbalance this trend, attracting a total of $3.2 billion in inflows. While Bitcoin remained the primary focus for investors, Ethereum’s resurgence signaled renewed interest in alternative cryptocurrencies. In addition, the gains in the crypto stocks also reflect the growing interest of traders in the digital asset sector.

Crypto Stocks Rallies Amid Inflow Surge

The crypto stocks have gained notable traction from investors following the report’s release, suggesting a growing optimism among the investors. For instance, the Coinbase (COIN) stock surged 6.57% in the pre-market session to $219.29, while MicroStrategy (MSTR) soared 8.58% to $1,171.88. On the other hand, BlackRock’s iShares Bitcoin Trust (IBIT) noted gains of 3.42% to $37.22, and Robinhood (HOOD) stock rose 1.93% to $16.90.