Bitcoin ETF from BlackRock Attracts $526 Million in Net Inflows
BlackRock’s iShares Bitcoin Trust (IBIT) saw a significant surge in investor funds on Monday, with a remarkable inflow of $526.7 million, as per initial data disclosed by Farside Investors. This surge marks the highest single-day influx since March, according to figures from Coinglass. Since its establishment on January 11, BlackRock has amassed nearly $19.5 billion in investor funds.
Contrastingly, the remaining 10 U.S.-listed ETFs experienced a decline in investor interest on Monday, attracting a mere net inflow of $6.9 million. Bitcoin (BTC) briefly surpassed the $68,000 threshold on Monday, reaching its highest point in over a month. This bullish upturn coincided with speculation that Donald Trump, a pro-crypto Republican U.S. presidential candidate, might unveil plans for a more substantial role for BTC within the financial system at the upcoming Nashville Bitcoin conference.
Despite this positive momentum, buyers were unable to breach the trendline connecting the highs of March and April, signaling a potential retracement. A similar scenario occurred in late May when the failure to establish a foothold above the resistance line led to a decline below $55,000.
At present, the cryptocurrency is trading at $66,440, reflecting a 1.8% decrease over a 24-hour period. The market’s failure to break through key resistance levels highlights the ongoing volatility and uncertainty surrounding BTC’s price movements.
The accompanying image illustrates BTC’s retreat from trendline resistance, capturing the technical aspects of the cryptocurrency’s recent price action. This visual representation provides insight into the market dynamics influencing BTC’s current trajectory.
In conclusion, BlackRock’s IBIT witnessed a notable surge in investor funds, while BTC experienced a temporary price surge followed by a pullback. The market’s inability to sustain upward momentum underscores the challenges facing cryptocurrencies amid evolving regulatory landscapes and market dynamics.
