BlackRock's Bitcoin ETF Records $1.31 Billion Net Inflow, Ending Four-Week Slide
BlackRock's spot bitcoin ETF, IBIT, saw significant activity with a net inflow of $1.31 billion, breaking a four-week downtrend in trading volumes.
Key Insights
- BlackRock’s IBIT ETF on Nasdaq rose by 3.49% last week, halting a four-week downturn in its trading volumes.
- The ETF attracted a net inflow of $1.31 billion over the past week, increasing the total funds to $3.74 billion collected this month.
BlackRock’s spot bitcoin ETF, BTC presently valued at $107,760.86, recorded impressive trading activity last week, showcasing a notable growth of 22.2% from the previous week’s trade volume of 171.74 million shares. This resurgence marks the ETF’s first weekly increase since mid-May.
Trading chart
Trading chart (Nicholas Cappello/Unsplash)
The spike in IBIT’s trading volume aligns with rising demand for the ETF, illustrated by the fact that it recorded a net inflow of $1.31 billion in the past week, just after a prior week tally of $1.23 billion. Overall, the largest publicly listed fund has gathered $3.74 billion this month, according to SoSoValue. In total, 11 spot ETFs operating in the U.S. have witnessed a combined inflow of over $4 billion this month, marking three consecutive months of net inflows.
This upward trend continues to take shape amid indications of a bullish pattern forming in IBIT’s chart, suggesting that it mimics bullish movements in the underlying BTC price chart. A successful breakout could suggest an extension of the existing bull run that commenced earlier in April.
