BlackRock's iShares Bitcoin Trust (IBIT) #iShares Bitcoin ETF (IBIT) saw $329 million invested during the October 21 $BTC
price plunge.

On Sunday night into Monday, the #bitcoin☀️ price hit its highest level since late July at $69,502 on the Bitstamp #exchange . However, the bullish trend ran out of steam and the cryptocurrency's value fell by almost 4%. The coin's price then corrected but is still 2.6% off its peak.

Investors used the dump to buy IBIT units, so #BlackRock⁩ employees recorded an inflow of capital in the amount of $329 million. At the same time, the capitalization level of the fund grew throughout last week and reached $23.2 billion.

IBIT had a great week [from October 14 to October 18]. Capital inflows totaled $1.1 billion, which is the best result since March and puts the fund in third place ahead of VTI [Vanguard Total Stock Market Index Fund ETF Shares] in terms of funds raised since the beginning of the year.

This is an incredible success considering the fact that IBIT was created recently and the other ETFs in the top 5 were launched more than 20 years ago and have capitalization levels in excess of $300 billion,” wrote ETF analyst Eric Balchunas.

The top five U.S. ETFs in terms of capital inflows from the beginning of 2024

Obviously, the high demand for IBIT units indicates investors' confidence in the continuation of the upward trend that emerged on Oct. 10. Apparently, they count on the start of the bull rally after overcoming the psychologically important mark of $70,000, which they cannot reach yet.
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