According to U.Today, the first Monday in August 2024 marked a significant downturn in the cryptocurrency market, with many referring to it as a 'red Monday' due to the substantial price crash. Despite the widespread sell-off, BlackRock (IBIT) maintained its position, choosing not to liquidate its holdings in Bitcoin, the leading digital asset.

Eric Balchunas, Bloomberg Senior ETF analyst, highlighted BlackRock's decision to hold its investments despite an 8% decline the previous week and a further 14% drop over the weekend. This steadfast approach resulted in zero flows from BlackRock's investors, contrasting sharply with the broader market's reaction. The total outflow for the group was $168 million, approximately 0.3% of the total assets under management (AUM), with Grayscale (GBTC) accounting for one-third of this amount. Balchunas predicted that outflows could reach billions or around 5% in the coming week.

Balchunas expressed surprise at the resilience of some investors, particularly older ones, compared to the more reactive behavior of newer market participants. He noted the significant inflows from ETFs, amounting to $17 billion, and questioned the inability of some investors to remain calm during the market turbulence.

Amid the market downturn, Michael Saylor, chairman and co-founder of MicroStrategy, reassured the community to maintain their belief in Bitcoin despite the volatility. Saylor has consistently advocated for Bitcoin, maintaining a bullish outlook. Similarly, Peter Brandt, a renowned trader, remains optimistic about Bitcoin's potential to reach $90,000 following the current price correction. At the time of writing, Bitcoin had risen by 6.12% to $56,238.09.