BlackRock’s iShares Bitcoin ETF (IBIT) saw a significant $597 million inflow on Tuesday, providing a much-needed boost to the struggling crypto market.
This came at a time when investor sentiment had turned cautious following strong economic data from the US, including the JOLTS job openings and ISM Services PMI reports. Despite a broader market downturn, BlackRock’s Bitcoin ETF stood out with impressive inflows, while other prominent Bitcoin ETFs such as those from Fidelity, Bitwise, Ark Invest, Franklin Templeton, and Grayscale experienced outflows. On January 7, IBIT alone acquired 6,078 BTC, valued at $208.7 million, significantly outpacing the 450 BTC mined by miners that day.
The ETF’s continued success is notable, marking its third consecutive inflow despite a recent selloff. This followed a $978.6 million inflow on Monday, which had sparked renewed optimism as Bitcoin surged past the $102K mark.
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Crypto Expert Who Predicted the Latest Correction Sees Opportunity to Buy In contrast, Bitcoin ETFs from other major players faced withdrawals: Fidelity’s FBTC saw $86.29 million in outflows, Bitwise’s BITB had $113.85 million, and Ark Invest’s ARKB recorded $212.55 million in outflows. Franklin Templeton’s EZBC and Grayscale’s GBTC also saw significant outflows, at $5.58 million and $125.45 million, respectively. Overall, the net inflow for Bitcoin spot ETFs reached $52.4 million, with BlackRock’s iShares Bitcoin Trust accounting for the majority of this figure.
