BlackRock's Spot Bitcoin ETF Draws $526M in Net Inflows
BTC failed to take out key price resistance despite huge inflows into BlackRock's IBIT.
Updated Aug 7, 2024, 3:01 p.m. Published Jul 23, 2024, 6:12 a.m.
- BlackRock's IBIT registered the highest single-day inflow since March.
- BTC failed to break out of a key price resistance level.
BlackRock's iShares Bitcoin Trust (IBIT), a Nasdaq-listed exchange-traded fund (ETF) closely tracking the cryptocurrency's spot price, drew in $526.7 million in investor funds on Monday, preliminary data published by Farside Investors show.
That's the highest single-day tally since March, according to data source Coinglass. Since its inception on Jan. 11, BlackRock alone has drawn in nearly $19.5 billion in investor funds.
On Monday, the remaining 10 U.S-listed ETFs fell out of investor favor, attracting a net inflow of just $6.9 million.
Bitcoin (BTC) briefly topped the $68,000 mark on Monday, reaching its highest level in over a month. The bullish move happened amid a rumor that pro-crypto Republican U.S. presidential candidate Donald Trump would announce a bigger role for BTC in the financial system at the Nashville Bitcoin conference later this month.
The buyers, however, failed to penetrate the trendline connecting March and April highs, paving the way for a renewed pullback. A similar failure to establish a foot hold above the resistance line in late May paved the way for a pull back to under $55,000.
As of writing, the cryptocurrency changed hands at $$66,440, representing a 1.8% drop on a 24-hour basis.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
