BlackRock’s Spot Bitcoin ETF Draws $526M in Net Inflows

5 months ago |   readers | 2 mins reading
BlackRock’s Spot Bitcoin ETF Draws $526M in Net Inflows

BlackRock’s iShares Bitcoin Trust (IBIT), a Nasdaq-listed exchange-traded fund (ETF) closely tracking the cryptocurrency’s spot price, drew in $526.7 million in investor funds on Monday, preliminary data published by Farside Investors show.
That’s the highest single-day tally since March, according to data source Coinglass. Since its inception on Jan. 11, BlackRock alone has drawn in nearly $19.5 billion in investor funds.
On Monday, the remaining 10 U.S-listed ETFs fell out of investor favor, attracting a net inflow of just $6.9 million.
Bitcoin (BTC) briefly topped the $68,000 mark on Monday, reaching its highest level in over a month. The bullish move happened amid a rumor that pro-crypto Republican U.S. presidential candidate Donald Trump would announce a bigger role for BTC in the financial system at the Nashville Bitcoin conference later this month.
The buyers, however, failed to penetrate the trendline connecting March and April highs, paving the way for a renewed pullback. A similar failure to establish a foot hold above the resistance line in late May paved the way for a pull back to under $55,000.
As of writing, the cryptocurrency changed hands at $$66,440, representing a 1.8% drop on a 24-hour basis.
Edited by Parikshit Mishra.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Omkar Godbole is a Co-Managing Editor on CoinDesk’s Markets team.

This article is originated from the source

CoinDesk
Read Full Article
Published on Other News Site
cointelegraph Badgebitcoin Badgedecrypt Badgecryptonews Badgeu Badgebeincrypto Badgeblockworks Badgecoincodex Badge