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.
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.
Bitcoin tumbled sharply today, shedding more than 3.5% in a matter of hours and briefly flirting with the critical $100,000 level.
Bitcoin is treading water near $105,000, but pressure is building on both sides of the trade as macro forces tighten.
BlackRock is making another assertive move into digital assets, quietly expanding its crypto portfolio with sizable purchases of both Bitcoin and Ethereum.
In a move that signals changing tides in traditional finance, JPMorgan is preparing to accept Bitcoin ETF holdings as collateral for loans—starting with BlackRock’s iShares Bitcoin Trust, according to insiders familiar with the plan.