Bitcoin Investors Remain Resilient as BlackRock’s IBIT Secures $526 Million
BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) saw a significant influx of $526.7 million in investor funds on July 22, marking the highest single-day intake since March. This surge in funds stands in stark contrast to the mere $6.9 million combined inflow observed across the other 10 Bitcoin ETFs, as reported by Farside Investors.
The notable increase in IBIT’s inflows coincided with Bitcoin trading above the crucial $68,000 level recently, coming within 8% of its all-time high of $73,737.94, according to CoinGecko data. However, Bitcoin has since retraced from this peak and is currently trading around $66,500, reflecting a 1.6% decrease for the day.
Recent on-chain analysis by CryptoQuant reveals a reluctance among Bitcoin holders to sell their assets, indicating a growing confidence in the cryptocurrency’s long-term potential. The number of deposit addresses for Bitcoin across all exchanges has dropped to 25,000, signaling a shift in investor behavior towards holding onto their Bitcoin, potentially in anticipation of further price appreciation.
According to CryptoQuant, this reduced willingness to sell Bitcoin could lead to a decrease in the cryptocurrency’s supply on the market. Coupled with steady or increasing demand, this scenario could drive further price increases.
The report also suggests that factors such as increased institutional investment in cryptocurrencies may be contributing to this change in investor strategy. Overall, the data points to a positive outlook for Bitcoin’s price trajectory as investors exhibit a stronger commitment to holding onto their assets.
