Bitcoin (BTC) Price Under Pressure Despite Massive Inflows of BlackRock ETF
08/27/2024 12:52BlackRock's Bitcoin ETF has attracted massive inflows, but Bitcoin remains under bearish pressure
BlackRock's Bitcoin ETF has attracted massive inflows, but Bitcoin remains under bearish pressure
On Monday, BlackRock's record-breaking iShares Bitcoin Trust (IBIT) managed to attract an eye-popping $224 million worth of inflows.
The net flows for Aug. 26 stand for $202 million. Apart from BlackRock's IBIT, Franklin Bitcoin ETF (EZBC) and WisdomTree Bitcoin Fund (BTCW) are in the green with $5.5 million and $5.1 million worth of inflows, respectively.
Ark 21Shares Bitcoin ETF (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), Coinshares Valkyrie Bitcoin Fund ETF (BRRR) as well as Grayscale's products recorded zero net flows on Monday.
In the meantime, Bitwise Bitcoin ETF (BITB) recorded substantial outflows of $16.6 million. Fidelity Wise Origin Bitcoin Fund (FBTC) and VanEck Bitcoin ETF (HODL) are also in the red with $8.3 million and $7.2 million respectively.
Bitcoin remains under bearish pressure
Despite the substantial inflows recorded by BlackRock, the price of Bitcoin remains under bearish pressure. According to CoinGecko data, it is currently changing hands at $63,191, down 1.3% over the past 24 hours.
As noted by cryptocurrency analytics platform Santiment, the Bitcoin price dip caused a 7.5% plunge in open interest. For comparison, major altcoins have recorded insignificant drops in open interest.
The term "open interest" refers to the total value of all outstanding derivatives contracts.
According to Santiment, the sudden drop in open interest might indicate that traders have started gravitating toward altcoins.
As reported by U.Today, Bitcoin dominance is now approaching yet another multi-year high.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
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