BlackRock's Bitcoin ETF tops $329M in inflows on Oct. 21, leading U.S. spot Bitcoin ETFs to a total $294M, as Bitcoin's price dips by 3%. Traders await market correction.
Bitcoin ETFs are once again making headlines, as BlackRock’s iShares Bitcoin Trust (IBIT) recorded a massive $329 million in inflows on Oct. 21, even after Bitcoin’s price dipped by 3%. Total inflows across U.S. spot Bitcoin ETFs reached $294 million for the day, as investors bought into the dip. Despite Bitcoin falling to $66,975, these massive ETF inflows suggest continued investor confidence in the cryptocurrency.
Key Points:
BlackRock's Bitcoin ETF Dominates
BlackRock’s iShares Bitcoin Trust led the inflows on Oct. 21 with $329 million, maintaining its position as the leader in Bitcoin ETFs with over $23 billion in total net inflows.
Market Reacts to Price Dip
Bitcoin's price slipped by 3.25% to $66,975 on Oct. 21, contributing to a market-wide pullback that traders had anticipated following a 10-day surge. Some traders expect further dips to around $62,000.
Other ETFs Record Mixed Results
While BlackRock saw massive inflows, other U.S. spot Bitcoin ETFs had more mixed results, with the Fidelity Wise Origin Bitcoin Fund pulling in $5.9 million and others recording no significant activity.
Speculation Around U.S. Election
The recent Bitcoin price surge, which saw highs of $69,130, is attributed to speculation surrounding the upcoming U.S. election, with investors hoping for favorable policies toward crypto.
Despite a pullback in Bitcoin’s price, BlackRock’s Bitcoin ETF continues to dominate the market, leading to significant inflows as investors buy the dip. The growing market interest shows that even amid price fluctuations, the momentum surrounding Bitcoin ETFs remains strong. All eyes are on Bitcoin’s next move as traders anticipate further corrections or a potential rebound.
Disclaimer:
The information provided in this article is for informational purposes only and should not be considered financial, legal, or investment advice. Cryptocurrency investments and financial products like ETFs involve a high degree of risk, and you should conduct your own research or consult with a qualified professional before making any investment decisions.
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