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BlackRock Bitcoin ETF (IBIT) has decided to look past the crypto market volatility recording massive $358 million inflows on Monday. Despite the BTC price drop to $94,000 levels, IBIT continued with its dominant inflows yesterday. Following rejection at $100K levels, Bitcoin dropped over 5% dragging altcoins lower leading to the flush-out of leveraged positions.
BlackRock Bitcoin ETF Dominance Continues
BlackRock’s iShares Bitcoin Trust ETF (IBIT) continues to see staggering inflows while scooping more than 4,000 Bitcoin, worth $398 million on Monday, December 9, per data from Farside Investors. Yesterday’s IBIT’s daily trading volume also surged to $3 billion showing strong demand for the investment product coming from institutional players.
The BlackRock Bitcoin ETF has witnessed strong inflows surging past $3.1 billion in the last seven sessions alone. As a result, the net inflows for IBIT since inception have grossed more than $34.7 billion.
Source: Thepfund
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.
Bitcoin ETFs have collectively surpassed the holdings of Bitcoin’s creator, Satoshi Nakamoto. The combined total held by these ETFs has now exceeded 1.1 million BTC, overtaking Nakamoto’s holdings.
This achievement coincides with the surge in Bitcoin price, which witnessed a staggering 32% gain over the past month, reaching an all-time high of $104,000. During the same period, the broader crypto market added more than $1.4 trillion in value.
Source: The Kobeissi Letter
BTC Price Drops After Facing Rejection at $100K
After facing multiple rejections at $100K levels, the BTC price has once again dropped all the way under $95,000 levels earlier today. This triggered a strong correction in the overall altcoin market with XRP, DOGE, and others correcting by nearly 15%.
As reported by Coingape yesterday, Bitcoin long-term holders have been heavily offloading selling more than 827,000 BTC in the last 30 days. This number is much higher than the combined purchases coming from spot Bitcoin ETFs and MicroStrategy.
While institutional demand for BTC remains, it would need an additional catalyst for sustained gains above $100K. In a few days, the US Federal Reserve is likely to announce another 25-basis interest rate cut. However, it all depends on the US CPI numbers and inflation data coming this week.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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