Unprecedented Influx into BlackRock’s Bitcoin ETF

On Monday, BlackRock’s iShares Bitcoin Trust (IBIT), an exchange-traded fund (Bitcoin ETF) meticulously tracking Bitcoin’s spot price, witnessed an extraordinary influx of $526.7 million in investor capital, according to preliminary data from Farside Investors. This influx represents the most substantial single-day capital injection since March, as reported by Coinglass. Since its launch on January 11, BlackRock’s fund has amassed nearly $19.5 billion in investments.

In stark contrast, the other ten U.S.-listed Bitcoin ETFs languished in investor disfavor, with a meager net inflow of only $6.9 million on the same day.

Record-Breaking Inflows for US Bitcoin ETFs

Bitcoin’s Surge and Subsequent Retreat

Bitcoin (BTC) surged past the $68,000 threshold on Monday, achieving its peak level in over a month. This bullish spike was spurred by speculation that pro-crypto Republican presidential candidate Donald Trump might unveil plans to enhance Bitcoin’s role in the financial sector during the Nashville Bitcoin conference later this month.

However, this upward momentum faltered as buyers failed to breach the pivotal trendline connecting highs from March and April. This inability to sustain above the resistance level echoes a similar situation from late May, which led to a decline to below $55,000.

Currently, Bitcoin is trading at approximately $66,440, marking a 1.8% drop within a 24-hour period.