- Bitcoin ETFs saw renewed inflows, with BlackRock’s IBIT recording $15.8 million on the 16th of September.
- Major ETF inflows positively influenced Bitcoin’s price, pushing it above $60K amidst rising confidence.
As a seasoned researcher with a keen eye for market trends and a penchant for all things crypto, I find myself intrigued by this latest development in the Bitcoin ETF space. The renewed inflows into BlackRock’s iShares Bitcoin Trust (IBIT) on September 16th, after weeks of inactivity, is a significant event that warrants close observation.
Lately, there’s been a change in the Bitcoin ETF market, moving from continuous withdrawals to periods of new investments. This shift started on September 12th.
Blackrock’s IBIT makes headlines
The iShares Bitcoin Trust by BlackRock [IBIT] recently saw a surge of interest, as it had been virtually inactive for several weeks prior.
On September 16th, IBIT noted a daily influx of approximately $15.8 million, which was its initial positive balance in three weeks.
Based on Farside Investors’ findings, the accumulated influx resulted in a collective $12.8 million increase in U.S.-based Bitcoin spot ETFs.
However, this surge was short-lived, as IBIT returned to zero inflows the next day.
Other Bitcoin ETFs analyzed
17th of September marked a surge of investments into key Bitcoin Exchange-Traded Funds (ETFs), suggesting a resurgence in investor enthusiasm for these digital assets.
In a notable turn of events, Fidelity’s FBTC fund outperformed others significantly with an impressive $56.6 million in inflows. Close behind was Bitwise’s BITB with $45.4 million, and Ark’s ARKB came in third with $42.2 million in investments.
In a recent development, VanEck’s HODL fund attracted inflows of approximately $20.5 million, followed by Invesco’s BTCO with inflows of about $10.2 million, Franklin’s EZBC saw inflows of around $8.7 million, and WTree’s BTCW recorded inflows of roughly $3.2 million.
Meanwhile, Grayscale’s GBTC remained stagnant, recording zero flows during the same period.
Community reaction
Remarking on the same, X user Puppeteer said,
There’s been a substantial boost in Bitcoin ownership among U.S. ETFs, indicating robust institutional trust.
Adding to the fray was trader and investor Mark The Ape, who said,
Although BlackRock and Grayscale may not be making moves right away, the desire for whatever they’re involved with remains high. This pent-up demand could potentially ignite a significant turning point in the upcoming months.
This demonstrates that the community remains steadfast in their trust towards Bitcoin ETFs, despite the lack of investment inflows from major entities such as BlackRock and Grayscale.
Looking back, BlackRock’s entrance into the burgeoning crypto ETF market sparked a great deal of enthusiasm among investors.
Having approximately $9 trillion in assets under its control, BlackRock’s market entrance significantly increased institutional confidence and offered a refined viewpoint on the subject, propelling the widespread acceptance of cryptocurrency Exchange-Traded Funds (ETFs).
Impact on Bitcoin’s price
Despite an increase in investments in Bitcoin ETFs, Bitcoin itself struggled to surpass the $60K mark on September 17th.
Currently, Bitcoin has risen by 2.96% and is being traded at approximately $60,432 as reported by CoinMarketCap at the moment of reporting.
As a researcher examining the dynamics of Bitcoin’s price movement, I can’t help but notice the consistent rise in its value, which I attribute to the significant influx of investments into Bitcoin through Exchange-Traded Funds (ETFs). This pattern suggests a potential bullish trend, implying optimistic expectations for Bitcoin’s price trajectory.
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2024-09-18 15:04