BlackRock’s #bitcoin☀️ fund saw a net inflow of $294 million into U.S. spot Bitcoin ETFs on October 21.
Investors in iShares Bitcoin Trust (IBIT) from BlackRock took advantage of Bitcoin's price drop and injected $329 million into the fund on October 21, despite Bitcoin falling by 3% that day.
Fidelity Sees Smaller Inflows
Aside from IBIT, Fidelity Wise Origin Bitcoin Fund (#FBTC ) was the only other U.S. spot Bitcoin ETF to record inflows on October 21, with $5.9 million coming in. Other ETFs either saw no inflows or experienced outflows.
Third Major Inflow in Four Days
This marks the third time in four trading days that BlackRock has seen significant inflows into its #BitcoinETF💰💰💰 . According to Farside Investors, the ETF has received over $300 million during this period.
BlackRock's IBIT continues to lead all spot Bitcoin ETFs, surpassing $23 billion in total net inflows on October 21.
Third-Largest Inflow of 2024
Eric Balchunas, an analyst at Bloomberg, noted that IBIT recorded the third-largest ETF inflow of 2024, following Vanguard and BlackRock S&P 500 index funds, with tickers VOO and IVV.
These inflows came as Bitcoin’s price dropped by 3.25% on October 21, hitting a daily low of $66,975 after failing to break the $70,000 resistance level. According to CoinGecko, Bitcoin had seen a 10-day rally from $59,000 to $69,130.
Traders’ Reactions
Crypto trader Jelle stated that the market was undergoing a small sell-off, which he described as "expected and fine." Another trader, Emperor, speculated that Bitcoin's price could drop to $62,000 this week after hitting its highest weekly close in five months on October 20.
Speculation on U.S. Elections
The rise in Bitcoin’s price between October 11 and October 21 was primarily attributed to traders speculating on the upcoming U.S. elections.
Currently, total net inflows across all spot Bitcoin ETFs amount to $21.2 billion, with over $20 billion coming from outflows from the GBTC fund.
At the time of writing, Bitcoin was trading at $67,360, down 2.2% over the previous 24 hours.
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