In the midst of turbulent market conditions, BlackRock’s Ethereum-centric BUIDL fund has amassed an impressive $5 million in assets over the past week.

Market insights from IntoTheBlock (ITB) highlight the substantial investor interest that BUIDL has garnered. This fund, formally named the BlackRock USD Institutional Digital Liquidity Fund, launched in March and represents BlackRock’s inaugural foray into tokenized finance. By partnering with fintech entity Securitize, the fund permits qualified investors to earn yields in U.S. dollars.

Remarkably, Securitize clinched a $47 million funding round from various backers, including BlackRock, just two months post-launch. The BUIDL fund diversifies its investments across U.S. Treasury bills, cash reserves, and repurchase agreements, enabling yield generation while maintaining blockchain-based token holdings. Despite the broader crypto market’s volatility, the fund has exhibited resilience.

Read more: Prime Broker Hidden Road Augments Crypto Exchange Integrations and Amplifies Use of BlackRock’s BUIDL Token

According to ITB data, BUIDL now boasts $491 million in assets under management (AUM), continuing its upward trajectory even as the global crypto market shed $290 billion in July, with Bitcoin dropping below $57,000.

On-chain analytics reveal that BUIDL’s AUM stood at $486.46 million as of July 2, increasing to $491.83 million in the following week. This growth underscores an addition of $5.37 million despite bearish market conditions.

BUIDL’s performance has solidified its status as the preeminent blockchain-based money market fund. In May, it surpassed the BENJI fund from Franklin Templeton, reaching $375 million in AUM. Since then, BUIDL has seen inflows totaling $116.83 million, significantly outpacing BENJI’s $33.97 million in the same timeframe.