On Thursday, there was an inflow of approximately $528 million into the BlackRock Bitcoin ETF (IBIT), which acquired around 5250 Bitcoins from the open market. This suggests increasing institutional interest in Bitcoin, as its price soared beyond $100K in a robust bullish trend. Various macroeconomic factors appear to be driving this bullish momentum.
BlackRock Bitcoin ETF Inflows Resume Again
Yesterday, BlackRock’s iShares Bitcoin Trust (IBIT) acquired approximately 5,250 Bitcoins, equivalent to about 12 times the daily production value. This move underscores the increasing interest among institutions in Bitcoin as it surpasses the significant resistance level of $100,000 per coin.
Starting from 2025, IBIT has seen both inflows and outflows, amounting to $55.691 billion in total assets under management currently. The BlackRock Bitcoin ETF reached this mark within a single year of its debut, while their gold ETF took twenty years to achieve the same value.
Based on figures from Farside Investors, there was a net investment of approximately $626 million on Thursday. BlackRock’s IBIT accounted for 85% of this total amount. Meanwhile, Ark Invest’s ARKB saw inflows exceeding $155 million yesterday, making it the second-highest in terms of investments received.
This week earlier, BlackRock introduced a Bitcoin ETF variant on the CBOE exchange in Canada, as global demand for it surges. Eric Balchunas, senior ETF analyst at Bloomberg, commented that Fidelity quickly reduced the fee charged on its Canadian Bitcoin ETF to 0.32%, aligning with fees on BlackRock’s ETFs.
Fidelity has reduced the fee for its Canadian Bitcoin ETF to 0.32% in order to match BlackRock’s recently launched ETF, which also charges a 0.32% fee. Now both are the most affordable options available in the market. US issuers are making some competitive moves in Canada, and a representative from Fidelity will be answering questions on Reddit.
— Eric Balchunas (@EricBalchunas) January 16, 2025
BTC Price Smashes Past $100K Resistance
Following the decrease in the core Consumer Price Index (CPI) for December, accompanied by significant news about the BlackRock Bitcoin Exchange-Traded Fund (ETF), the price of Bitcoin has experienced a swift rebound, registering an increase of approximately 8% over the past week on the weekly chart.
At this moment, Bitcoin’s price stands 2% higher at approximately $101,334, pushing its total market value beyond the $2 trillion mark. According to Coinglass statistics, the volume of liquidations over the past 24 hours has surged to around $90 million, with $50 million attributable to short positions being closed out.
The on-chain indicators are demonstrating robustness, as the bitcoin held in exchanges has dropped to a seven-year minimum. This decrease in supply could potentially serve as another motivator, fueling the ongoing surge in Bitcoin’s market price.
With the recent spike in activity, investors are eager to learn if the upward trend for Bitcoin is indeed confirmed. According to crypto analyst Miles Deutscher, breaking through the current range high was the first step, but for a definitive new uptrend, Bitcoin needs to exceed its previous peak of $102,500.
If we don’t manage to surpass this current level, Bitcoin might return to its previous price range, causing it to move in a relatively steady but unchanging pattern, as suggested. German analyst Deutscher highlighted the upcoming Trump inauguration as a potential major event that could significantly impact the market.
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2025-01-17 10:24