The Ethereum-based BUIDL fund from leading asset manager BlackRock has attracted over $5 million in assets over the past week despite ongoing market turbulence.

Market analytics firm IntoTheBlock (ITB) reported that the fund has garnered significant interest among investors.

While the crypto market faces challenges, BlackRock’s $BUIDL fund, operating on the Ethereum network, continues to draw new investors. The fund requires a minimum entry of $5 million, and its total assets have now reached $491 million.

Launched in March on Ethereum, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) is the company’s first tokenized fund. It allows qualified investors to procure yields in U.S. dollars by subscribing through the fintech company Securitize.

Two months after the fund’s launch, Securitize secured a $47 million funding round from multiple investors, including BlackRock.

The BUIDL fund allocates investments into U.S. Treasury bills, cash, and repurchase agreements. This allows investors to generate yield while maintaining their holdings as tokens on the blockchain. Despite a correlation with the crypto industry, the fund has maintained a positive path amid the ongoing market turmoil.

According to data from ITB, BUIDL now boasts $491 million in assets under management (AUM) amid sustained growth. This achievement comes as the global crypto market lost $290 billion in July, with Bitcoin falling below $57,000.

On-chain data shows that BUIDL’s AUM stood at $486.46 million as of July 2. This figure has since increased to $491.83 million, recent data confirms. The growth rate indicates an addition of $5.37 million in the last week despite the bearish market atmosphere.

With this bullish performance, BUIDL has maintained its position as the largest blockchain-based money market fund. Notably, BUIDL surpassed the BENJI fund from Franklin Templeton to become the largest money market fund in May, when its AUM soared to $375 million.

BUIDL has recorded inflows totaling $116.83 million, whereas BENJI has only seen $33.97 million in capital inflows within the same period.

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