Investors in BlackRock’s iShares Bitcoin Trust (IBIT) flexed their buy-the-dip muscles on October 21, shoveling $329 million into the fund as Bitcoin dropped 3% in one day. Bitcoin, which had been flirting with $70K, took a hit, but BlackRock’s IBIT raked in some serious cash regardless. This marked the third time in just four trading days that the fund snagged over $300M in fresh inflows, based on data from Farside Investors.
Bitcoin’s price might be sagging, but IBIT is rising like a phoenix from the ashes. The total inflows of the fund have now crossed $23 billion, making it the top dog among spot Bitcoin ETFs.
Fidelity Trails, Others Face the Void
While BlackRock’s IBIT made waves, Fidelity’s Wise Origin Bitcoin Fund (FBTC) pulled in a modest $5.9M on October 21. Other U.S. spot Bitcoin ETFs? They either treaded water or sank with negative flows. This sets BlackRock ahead of the pack, like a miner striking gold while others are left with dust.
IBIT’s momentum has analysts like Bloomberg’s Eric Balchunas buzzing. He noted IBIT landed the third-largest inflows of all ETFs in 2024, coming in behind just Vanguard’s and BlackRock’s own S&P 500 index giants. Institutional investors are hungry, even if Bitcoin’s in a pullback.
Bitcoin Stumbles, Traders Shrug
On October 21, Bitcoin lost 3.25% of its value, hitting a low of $66,975. It had just come off a 10-day sprint where it shot from $59K to $69K, so this dip left some traders guessing. Still, the mood isn’t panic.
Crypto traders like Jelle say this sell-off was expected, while others like Emperor suggest Bitcoin might fall to $62K soon. But speculation is still swirling around how the U.S. election might impact Bitcoin’s next move.
Despite the slide, Bitcoin holds strong at $67,360, down just 2.2% over 24 hours. Investors keep throwing weight behind it, especially through BlackRock’s ETF, even as price movements keep them on their toes.
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