On Tuesday, there was an influx of approximately $597 million into BlackRock’s iShares Bitcoin ETF (IBIT). This move provided a much-needed boost to the struggling crypto market, as investors showed renewed interest following robust US JOLTS job openings and ISM Services PMI data that instilled confidence.
In the U.S., the Bitcoin Exchange-Traded Fund (ETF) experienced a total investment increase of $53.46. However, Bitcoin ETFs offered by Fidelity, Bitwise, Ark 21Shares, Franklin Templeton, and Grayscale witnessed withdrawals.
BlackRock Bitcoin ETF Saw Inflow Despite Crypto Market Crash
As an analyst, I’m reporting that on January 7th, I (or we) purchased approximately 6,078 Bitcoin (BTC), valued at around $208.7 million, through BlackRock’s iShares Bitcoin ETF (IBIT). Simultaneously, Bitcoin miners only produced 450 new Bitcoins during the same period. According to data from Trader T, this acquisition resulted in a substantial inflow of approximately $597.18 million into IBIT.
For the third time in a row, IBIT has received funds, even during a significant downturn in the cryptocurrency market. Interestingly, the US Bitcoin ETF experienced an influx of approximately $978.6 million on Monday, which has fueled optimism as the primary crypto surpassed the $102K threshold.
Over the same period, Fidelity’s FBTC, Bitwise’s BITB, Ark Invest’s ARKB, and Franklin EZBC experienced withdrawals amounting to $86.29 million, $113.85 million, $212.55 million, and $5.58 million respectively.
Grayscale’s GBTC experienced a withdrawal of approximately $125.45 million, while Invesco, Valkyrie, VanEck, and Grayscale Mini saw no inflows or outflows.
Based on Farside Investors’ data, the cumulative investment into Bitcoin spot ETFs collectively amounted to approximately $52.4 million. The iShares Bitcoin Trust, managed by BlackRock, attracted a net inflow of an impressive $596.1 million. On the other hand, different ETFs witnessed differing levels of withdrawal.
Bitcoin and Crypto Market Crash On Macro Concerns
Based on data from the U.S. Bureau of Labor Statistics, job openings rose by a significant 259,000 to 8,098 million in November 2024. Furthermore, the ISM Services PMI showed stronger-than-anticipated results, indicating a robust U.S. economy at present. Consequently, Bitcoin’s price took a steep dive of over 5%.
Today, the U.S. dollar index (DXY) continues its upward trend, surpassing 108.50, following a two-day dip that led to an uptick in Bitcoin’s value. Additionally, the yield on the 10-year U.S. Treasury bond reached a 35-week peak of 4.68%. The robust American economic data has lessened anticipation for additional interest rate reductions by the Federal Reserve.
Although the BlackRock Bitcoin ETF is showing improved performance, the price of BTC itself is still dropping, currently at around $96,259. The 24-hour range for its price fluctuation was between $96,132 (low) and $102,022 (high). Moreover, there’s been a 23% decrease in trading volume over the last 24 hours.
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2025-01-08 09:26