BlackRock’s iShares Bitcoin ETF (IBIT) received an influx of over 597 million dollars on Tuesday. The BlackRock’s Bitcoin ETF manages to revive the depressingly spiralling crypto market, after the US JOLTS job openings and ISM Services PMI data made investors more vigilant.
The Spot Bitcoin ETF in the U.S. recorded a net inflow of $53.46. Sufficient inflows were reported by Fidelity, Bitwise, Ark 21Shares, Franklin Templeton and Grayscale bitcoin ETFs but outflows were larger.
BlackRock Bitcoin ETF Reports Increase Despite Cryptocurrency Market Collapse
BlackRock’s iShares Bitcoin ETF recorded an inflow of over 208 million dollars with a purchase of 6,078 BTC on the 7th of January, despite the bear trend of the crypto sector. This consolidated an inflow of 597.18 million dollars, as stated by Trader T analysis.
With this minting, it was the third IBIT inflow in sequence even when broader crypto sector was hit with a heavy sell-off. On Monday, The US Bitcoin ETF showed inflows of around 978 million which acted as a spark to a general optimistic outlook as bitcoin breached the 102K mark.
On the other hand, fidders’ FBTC, Bitwis’ BITB, and Ark Invest’s ARkB had inflows of 86.29 million, 113.85 million and 212.55 million in that order. Further EZBC registered a dip of 5.58 million in inflows.
DS: 125.45million
EN: 125.45 million
According to Farside Investors, the total ne inflow in usd for Bitcoin spot ETFs added up to 52.4 million. While other etfs had mixed levels of outflows, the Ishares Bitcoin the Blackrock saw a net inflow of over 596 million alone.
Bitcoin and Crypto Market Severely Affected Due To Global Economic Issues
As per the American Bureau of Labor Statistics, the JOLTS job openings reported a growth of 259,000 as compared to the previously reported 8,098 million in November 2024.
Moreover ISM Services PMI stayed above expectations this indicates that the US Economy is doing its best to remain afloat. Reason being, Bitcoin Price fell down by more than 5%.
As a matter of fact, the US dollar index (DXY) has maintained its position above 108.50 today after advancing to a two day low that assisted in the recuperation of bitcoin prices.
Additionally, the yield on US Treasury Bonds for 10 year was taken to a five week high of 4.68 percent.
Because of the strong economic indicators coming from America, there have been diminished expectations of any surprise rate cuts coming from the Federal Reserve.
On the other hand, despite BlackRock Bitcoin ETF’s excellent performance, BTC prices are still on the lower end of the spectrum. The current price being $96,259.
The 24 hour low and high being $96,132 and $102,022 respectively. Besides this, in today’s durations trading volume has dropped by 23 percent as compared to previous days.
