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CoinGape 2025-01-17 07:15:45

BlackRock Bitcoin ETF Scoops 5250 BTC, Major BTC Price Rally Coming?

BlackRock Bitcoin ETF (IBIT) registered $528 million in inflows scooping a total of 5250 Bitcoins from the open market on Thursday. It signals growing institutional interest in BTC again as BTC price surged past the $100K level in a strong bullish momentum. Macro factors have acted as major support for the bullish momentum. BlackRock Bitcoin ETF Inflows Resume Again BlackRock’s iShares Bitcoin Trust (IBIT) scooped a massive 5,250 Bitcoins yesterday, which is nearly 12 times the daily production value of 450 BTC. This shows that the institutional appetite for Bitcoins is growing once again as BTC breaches an important resistance of $100K levels. Source: Apollo Since the beginning of 2025, IBIT has witnessed a mixed bag of inflows and outflows and currently has $55.691 billion in net assets under management. While the BlackRock Bitcoin ETF managed to his this milestone within a year of launch, the firm’s gold ETF took two decades to reach the same figure. As per data from Farside Investors , the net inflows on Thursday stood at $626 million, with BlackRock’s IBIT alone capturing 85% of the total share. Ark Invest’s ARKB stood second registering more than $155 million in inflows yesterday. Earlier this week, BlackRock launched Bitcoin ETF variant on the CBOE exchange in Canada, amid the soaring global demand. Bloomberg senior ETF analyst Eric Balchunas said Fidelity made a swift move by cutting the fee charged on its Canada BTC ETF to 32bps, matching with fees on BlackRock ETFs. Fidelity is cutting the fee on its Canada bitcoin ETF to 32bps to match BlackRock who just launched one up there at 32bps. Both are now the cheapest in the market. US issuers bringing some terrordome action to Canada. (note the Fidelity guy is going on Reddit to answer qs) pic.twitter.com/667Lz4gCp3 — Eric Balchunas (@EricBalchunas) January 16, 2025 BTC Price Smashes Past $100K Resistance With major news from BlackRock Bitcoin ETF post the drop in core CPI for December, the BTC price has also made a quick recovery gaining 8% on the weekly chart. As of press time, the price of Bitcoin today is trading 2% up at $101,334 with its market cap crossing $2 trillion. As per the Coinglass data, the 24-hour liquidations have also shot up to $90 million, of which $50 million is in short liquidations. On-chain indicators are also showing strength with the Bitcoin exchange balance hitting a 7-year low. This supply shock can provide a further catalyst for the BTC price rally to continue. Source: Glassnode However, with the recent surge, investors are curious to know the confirmation of the Bitcoin uptrend. Crypto analyst Miles Deutscher stated: “Clearing the range high was step one, but Bitcoin must surpass the previous high at $102,500 to confirm a new uptrend.” Failing to break this level could see Bitcoin re-enter its prior range, leading to sideways movement, he added. Deutscher pointed to the upcoming Trump inauguration as a significant market catalyst. Source: Miles Deutscher The post BlackRock Bitcoin ETF Scoops 5250 BTC, Major BTC Price Rally Coming? appeared first on CoinGape .

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