During the BTC price drop on October 21st, bitcoin ETF iShares Bitcoin Trust (IBIT) by BlackRock invested $ 329 million.
On the night from Sunday to Monday, the price of bitcoin reached its highest level since the end of July at $69 on the exchange Bitstamp . However, the bullish trend ran out of steam, and the cryptocurrency fell by almost 4%. The coin's price then corrected, but is still 2,6% below its peak.
Investors took advantage of the dump to buy IBIT shares, so BlackRock employees recorded a capital inflow of $329 million. At the same time, the fund's capitalization level grew throughout the past week and reached $23,2 billion.
IBIT had quite the week [October 14-18]. It saw $1,1 billion in inflows, its best performance since March and putting it in third place ahead of VTI [Vanguard Total Stock Market Index Fund ETF Shares] by the amount of funds raised since the beginning of the year.
This is an incredible success considering the fact that IBIT was created recently and the rest ETF of the top 5 were issued more than 20 years ago and have a capitalization level of over $300 billion, the analyst wrote. ETF Eric Balchunas.
Top 5 American ETF by volume of capital inflow since the beginning of 2024
It is obvious that the high demand for IBIT shares indicates investors' confidence in the continuation of the upward trend that began on October 10. Apparently, they are counting on the start of a bullish rally after overcoming the psychologically important $70 mark, which they have not yet been able to approach.
