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Bitcoin (BTC) has surged to the $91,500 mark for the first time since March 7, driven by a significant increase in institutional holdings of the premier cryptocurrency.
Blockchain analytics firm LOOKONCHAIN reports that BLACKROCK and several other major U.S. institutions have amplified their Bitcoin reserves to support their BTC-based Exchange-Traded Funds (ETFs).
Citing data from ARKHAM, LOOKONCHAIN stated, “BTC is back to $90,000.
Fidelity, BlackRock, ARK Invest, Bitwise are all accumulating BTC.”
Cryptocurrency data aggregator SOSOVALUE indicated that Bitcoin ETFs recorded $381 million in inflows on Monday, April 21, marking the highest single-day inflow since January 30. Notably, none of the 12 ETFs experienced net outflows.
In contrast, Ethereum (ETH) ETFs have not garnered similar interest. SOSOVALUE data shows that Ethereum ETFs have faced net outflows on most days since mid-February, including today.
Nevertheless, under-the-radar entities have been observed accumulating ETH from crypto exchanges. LOOKONCHAIN highlighted, “Whales are still accumulating ETH.
0xd81E withdrew 1,900 ETH ($3.1M) from Gate.io again [on Tuesday].
Since Feb 15, this wallet has withdrawn 48,477 ETH ($100.35M) from Gate.io and is currently sitting on a $21M loss.
Meanwhile, 0x3bd2 withdrew 2,600 ETH ($4.26M) from Binance after being inactive for a year.”
As of press time, Bitcoin is trading at $90,777, while ETH is priced at $1,692.
Featured Image: Shutterstock/DomCritelli/Alexxxey
Sources:
– LOOKONCHAIN (via X)
– SOSOVALUE
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