The cryptocurrency market faced significant shifts. Despite prevailing doubts, BlackRock's ETF has managed to attract major inflows.
Impact of BlackRock's ETF
BlackRock purchased 6,078 BTC on the second trading day, investing $208.7 million. According to Trader T, this ETF had a net inflow of $597.18 million. Such investments helped maintain Bitcoin's price above the critical $102,000 mark.
U.S. Economic Data's Role
Recent data showed U.S. job openings reached 8.098 million, indicating economic stability. The ISM Services PMI exceeded expectations, yet inflationary pressures led to a more than 5% drop in Bitcoin's price.
Overall Market Trends
While major U.S. ETFs saw inflows, others like Fidelity and Ark Invest registered significant outflows. Nonetheless, interest in BlackRock's ETF signals a positive outlook for cryptocurrency stabilization.
Current developments in the cryptocurrency market highlight the influence of macroeconomic data and ETF interest. Investment in BlackRock’s instrument has positively impacted Bitcoin’s price stability.
