As a seasoned crypto investor with over a decade of experience in the market, I’ve seen my fair share of volatility and trends. The recent inflows into BlackRock’s iShares Bitcoin Trust ETF (IBIT) are nothing short of impressive. With its rapid growth surpassing $50 billion in assets under management in just 228 days, it’s safe to say that IBIT is here to stay and reshaping the crypto landscape.
Yesterday, the BlackRock Bitcoin ETF (IBIT) saw a significant influx of funds amounting to $358 million, disregarding the volatility in the cryptocurrency market. Even with Bitcoin’s price falling to around $94,000, the IBIT maintained its strong inflows. After encountering resistance at the $100,000 mark, Bitcoin experienced a 5% drop, which in turn caused other digital currencies to follow suit, leading to the liquidation of leveraged positions.
BlackRock Bitcoin ETF Dominance Continues
On Monday, December 9th, BlackRock’s iShares Bitcoin Trust ETF (IBIT) received significant inflows and acquired over 4,000 Bitcoins worth approximately $398 million, according to Farside Investors data. Yesterday’s trading volume of IBIT increased dramatically to about $3 billion, suggesting a robust institutional interest in this investment product.
In just the past seven days, the BlackRock Bitcoin ETF has seen significant investments totaling over $3.1 billion. This surge in investment has pushed the total net inflows for the ETF since its launch to surpass $34.7 billion.
The BlackRock Bitcoin ETF IBIT has achieved a historic milestone, surpassing $50 billion in assets under management (AUM) for the first time. Remarkably, it reached this threshold in just 228 days, more than five times faster than any other ETF in history. For comparison, the gold ETF GLD took approximately 5.5 years to achieve the same feat.
In simpler terms, the combined amount of Bitcoins held in Exchange-Traded Funds (ETFs) has gone beyond what is believed to be owned by Bitcoin’s creator, Satoshi Nakamoto. Currently, these ETFs collectively own more than 1.1 million Bitcoins, surpassing Satoshi Nakamoto’s reported holdings.
This success correlates with the recent spike in Bitcoin price, experiencing a remarkable increase of 32% over the last month and peaking at a record high of $104,000. Over this same duration, the overall crypto market experienced a significant growth of approximately $1.4 trillion in worth.
BTC Price Drops After Facing Rejection at $100K
Following repeated refusals at prices above $100,000, Bitcoin’s value has tumbled below its previous threshold of $95,000 earlier today. This sudden dip sparked a significant correction across the altcoin market, causing XRP, DOGE, and others to decrease by nearly 15%.
According to a report from Coingape the day before yesterday, long-term Bitcoin holders have been actively selling their Bitcoin. Over the past month, they’ve sold approximately 827,000 BTC, which is significantly more than the total amount of Bitcoin bought through spot Bitcoin ETFs and MicroStrategy combined.
As long as institutional appetite for Bitcoin persists, a significant boost beyond $100K might require an extra trigger. In the upcoming days, the U.S. Federal Reserve could potentially announce another 0.25% reduction in interest rates. Yet, whether or not this happens is contingent upon the consumer price index figures and inflation data due out this week.
Read More
- OKB PREDICTION. OKB cryptocurrency
- VANRY PREDICTION. VANRY cryptocurrency
- USD MXN PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- RSR PREDICTION. RSR cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- DF PREDICTION. DF cryptocurrency
- USD BRL PREDICTION
- NTRN PREDICTION. NTRN cryptocurrency
- EUR CAD PREDICTION
2024-12-10 11:28