cryptocurrency marketDespite the volatile course of January 7, BlackRock’s iShares Bitcoin $101,782.3 Its ETF (IBIT) recorded inflows of $597 million. This entry recorded on IBIT gave hope to investors at a time when the market was going through a difficult period.
BlackRock ETF Offsets Market Decline
BlackRock‘s iShares Bitcoin ETF sold 6 thousand 78 units on the second trading day of the week. BTC made a total investment of 208.7 million dollars. According to the data of the same day, miners produced only 450 new BTC. This reveals how effective IBIT is in meeting market demands. Trader T. According to data, there was a total net inflow to the ETF of 597.18 million dollars.
IBIT closed its third consecutive trading day with a positive entry. Spot Bitcoin ETFs, especially in the US, recorded a total inflow of $978.6 million on Monday. This situation created optimism in the cryptocurrency market and pushed the price of Bitcoin above 102 thousand dollars.
On the other hand Fidelity‘s FBTC, Bitwise‘s BITB and Ark InvestThere were outflows of more than $86.29 million, $113.85 million and $212.55 million respectively from ARKB of . Franklin TempletonThere was an outflow of $5.58 million from ‘s EZBC. GrayscaleWhile ‘s GBTC also had an outflow of $125.45 million, there was neither inflow nor outflow from other ETFs.
BlackRock’s spot Bitcoin ETFThe latest performance of has given hope to investors despite the general negative atmosphere in the cryptocurrency market. Inflows into ETFs were interpreted as a positive signal about the future of the market.
Macroeconomic Data Pushed Bitcoin
The USA announced JOLTS job postings It reached 8.098 million in November 2024, an increase of 259 thousand. Moreover ISM Services PMI The data was higher than expected. While the data in question revealed the resilience of the US economy, it caused a drop of over 5 percent in the price of Bitcoin with the expectation that inflationary pressure would continue.
US dollar index (DXY) rose above the 108.50 level after a two-day decline. Although Bitcoin’s price has seen a partial recovery, the price is currently trading above the 95k threshold. However, the biggest cryptocurrency‘s transaction volume in the last 24 hours decreased by 23 percent.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
