BlackRock attracted a record-breaking $224 million to its iShares Bitcoin Trust (IBIT) on Monday. Despite this, the price of Bitcoin remains under pressure.
Financial Flow Details
On Monday, the net flows for BlackRock's iShares Bitcoin Trust amounted to $202 million for August 26. Franklin Bitcoin ETF (EZBC) and WisdomTree Bitcoin Fund (BTCW) also recorded positive inflows of $5.5 million and $5.1 million, respectively. Meanwhile, the Ark 21Shares Bitcoin ETF (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), Coinshares Valkyrie Bitcoin Fund ETF (BRRR), and Grayscale's products reported zero net flows. The Bitwise Bitcoin ETF (BITB) recorded substantial outflows of $16.6 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) and VanEck Bitcoin ETF (HODL) were also in the red with outflows of $8.3 million and $7.2 million, respectively.
Background on Bitcoin Price Changes
Despite substantial inflows to BlackRock's funds, the price of Bitcoin remains under bearish pressure. According to CoinGecko data, Bitcoin is currently trading at $63,191, down 1.3% over the past 24 hours.
Market Analysis and Trends
The analytical platform Santiment noted that the Bitcoin price dip caused a 7.5% plunge in open interest. In comparison, major altcoins recorded insignificant drops in open interest. Santiment suggests that the sudden drop in open interest might indicate that traders are shifting to altcoins. According to U.Today, Bitcoin dominance is now approaching yet another multi-year high.
Through significant financial flows, BlackRock has managed to draw attention to its iShares Bitcoin Trust. However, the price of Bitcoin is still under pressure, and analysts continue to monitor changes in market trends.
Comments