BlackRock's IBIT investors throw $329M into ETF as Bitcoin dips 3%

As a seasoned researcher with years of experience observing and analyzing the cryptocurrency market, I have to admit that the recent inflows into BlackRock’s iShares Bitcoin Trust (IBIT) are intriguing. The $329 million in inflows on Oct. 21, after a minor dip in Bitcoin’s price, is a testament to the growing confidence of investors in this digital asset.

Money poured into BlackRock’s iShares Bitcoin Trust (IBIT) to the tune of $329 million on October 21st, as investors took advantage of a drop in Bitcoin’s price by approximately 3%.

On October 21st, the Fidelity Wise Origin Bitcoin Fund (FBTC) was the unique U.S. Bitcoin ETF to see a deposit of $5.9 million, whereas other funds either saw no investments or even experienced withdrawals.

BlackRock's IBIT investors throw $329M into ETF as Bitcoin dips 3%

Inflows exceeding $300 million were recorded for the third time within a span of four trading days on BlackRock’s Bitcoin ETF, according to data from Farside Investors.

BlackRock’s IBIT (Investment Management Trust) remains the top choice for spot Bitcoin Exchange-Traded Funds, surpassing a total net inflow of $23 billion as of October 21st.

Eric Balchunas, an analyst at Bloomberg ETF, pointed out that IBIT has seen the third-highest inflows among all ETFs in 2024. Only Vanguard’s S&P500 index fund (VOO) and BlackRock’s equivalent (IVV) have attracted more investments.

On October 21st, the value of Bitcoin dipped by 3.25% down to $66,975 after it couldn’t overcome the resistance at $70,000. This dip occurred following a 10-day price increase where Bitcoin climbed from $59,000 up to $69,130, according to CoinGecko data.

“Market selling off slightly today, as expected – and thats okay,” crypto trader Jelle said.

Crypto enthusiasts similar to Emperor anticipate that Bitcoin’s price might dip towards the $62,000 level in the upcoming days, following its highest weekly close in five months on October 20th.

The significant increase in Bitcoin’s value from October 11th to October 21st is largely believed to be due to speculation among traders about the forthcoming U.S. election.

Currently, the combined total of all Bitcoin spot ETFs’ inflows stands at approximately $21.2 billion. This figure takes into account more than $20 billion that has left the Grayscale Bitcoin Trust (GBTC).

Bitcoin is currently trading at $67,360, down 2.2% over the last 24 hours.

2024-10-22 08:17

BlackRock’s IBIT investors throw $329M into ETF as Bitcoin dips 3%

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