According to Cointelegraph: BlackRock’s iShares Bitcoin Trust ETF (IBIT) has recorded its largest inflow day in over four months, with over $523 million flowing into the fund on Monday. This surge in investment coincides with the approval of multiple spot Ether ETFs for trading in the United States.
Key Highlights:
Record Inflows: The IBIT scooped up 7,759 Bitcoin, worth just over $523 million, marking the seventh-largest day of inflows in its history.
Total Assets: The total assets under management for IBIT now stand at 333,000 BTC, valued at approximately $22 billion.
Historical Context: The largest single-day inflow for IBIT was on March 18, with $849 million added, followed by $788 million on March 5.
Market Reaction: Bitcoin briefly surged above $68,000 but failed to maintain momentum, trading at $66,440, a 1.8% drop over the past 24 hours.
Industry Impact:
ETF Competition: On the same day, the remaining 10 U.S.-listed Bitcoin ETFs saw combined net inflows of just $6.9 million, underscoring BlackRock’s dominance in attracting investor funds.
Investor Sentiment: The significant inflows reflect strong investor interest and confidence in Bitcoin, despite its inability to break through key resistance levels.
Market Outlook:
The anticipation surrounding potential announcements at the Nashville Bitcoin conference, particularly the speculation that Donald Trump might declare Bitcoin a strategic reserve asset, has fueled bullish sentiment. Analysts suggest that such an announcement could trigger a “parabolic” rise in Bitcoin’s price.
With ongoing market volatility and upcoming political developments, investors and traders are closely monitoring these factors to gauge future movements and opportunities in the cryptocurrency market.