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CoinGape 2025-01-08 06:21:20

Breaking: BlackRock Bitcoin ETF (IBIT) Sees $597M In Inflow, Saves the Day

BlackRock’s iShares Bitcoin ETF (IBIT) recorded over $597 million in inflow on Tuesday. The BlackRock Bitcoin ETF saves the day for the bleeding crypto market after investors turned cautious with strong US JOLTS job openings and ISM Services PMI data. The spot Bitcoin ETF in the United States saw a net inflow of $53.46. Bitcoin ETFs by Fidelity, Bitwise, Ark 21Shares, Franklin Templeton, and Grayscale recorded outflows. BlackRock Bitcoin ETF Saw Inflow Despite Crypto Market Crash BlackRock’s iShares Bitcoin ETF (IBIT) purchased 6,078 BTC worth $208.7 on January 7, while miners only mined 450 new BTCs. IBIT recorded an inflow of $597.18 million, as per Trader T data. This makes the third consecutive inflow into IBIT despite a major selloff in the crypto market . Notably, US Bitcoin ETF saw an inflow of $978.6 million on Monday, sparking optimism as the flagship crypto soared past the $102K mark. Meanwhile, Fidelity’s FBTC, Bitwise’s BITB, and Ark Invest’s ARKB saw outflow of $86.29 million, $113.85 million, and $212.55 million, respectively. Also, Franklin EZBC saw a $5.58 million in outflow. Grayscale’s GBTC also witnessed an outflow of $125.45 million. Flows were zero for Invesco, Valkyrie, VanEck, and Grayscale Mini. According to Farside Investors , the total net inflow for Bitcoin spot ETFs reached $52.4 million. The iShares Bitcoin Trust by BlackRock saw a net inflow of $ 596 .1 million. Whereas, other ETFs experienced varying degrees of outflow. Source: Farside Investors Bitcoin and Crypto Market Crash On Macro Concerns According to the U.S. Bureau of Labor Statistics, t he JOLTS jobs openings increased by 259,000 to 8,098 million in November 2024, Also, ISM Services PMI came in higher than expected, which shows the resilience of the U.S. economy currently. This caused Bitcoin price to crash by more than 5%. In fact, the US dollar index (DXY) holds its advance above 108.50 today, after a two-day low move that caused a recovery in Bitcoin price. Also, the 10-year US Treasury yield increased to a 35-week high of 4.68%. The strong US economic data reduced expectations for further rate cuts by the Federal Reserve. Whereas, BTC price continues to fall despite better performance by BlackRock Bitcoin ETF. The price currently trades at $96,259. The 24-hour low and high are $96,132 and $102,022, respectively. Furthermore, the trading volume has decreased by 23% in the last 24 hours. The post Breaking: BlackRock Bitcoin ETF (IBIT) Sees $597M In Inflow, Saves the Day appeared first on CoinGape .

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