Bitcoin continues to capture investor interest despite recent declines. BlackRock's leading Bitcoin ETF has recorded significant cash flows amid cryptocurrency price fluctuations.
Rise in IBIT Investments
On October 21, investors in BlackRock's iShares Bitcoin Trust (IBIT) invested $329 million following a 3% decline in Bitcoin's price. This marks the third time in four trading days that IBIT has seen inflows exceeding $300 million.
Bitcoin Price Decline
On October 21, Bitcoin's price dropped by 3.25% to a daily low of $66,975 after failing to break the $70,000 resistance level. This cut into a 10-day rally, rising from $59,000 to $69,130.
General Market Trends
Total net inflows across all spot Bitcoin ETFs amount to $21.2 billion, including substantial outflows from GBTC.
Despite market fluctuations, investor interest in Bitcoin and related instruments remains high, as evidenced by significant investments in ETFs like BlackRock's IBIT.