BlackRock’s spot Bitcoin exchange-traded fund saw over $1 billion in four consecutive trading sessions as investors continued to get exposure to Bitcoin through the ETF.
The inflows continued even as Bitcoin later fell from above the $87,000 price level, which suggests that demand through regulated funds remains strong despite the short-term profit-taking that was seen.
IBIT captures almost half of Bitcoin ETF inflows
Farside Investors shared that between September 17 and 22, the BlackRock spot Bitcoin Trust, IBIT, witnessed approximately $1.02 billion in net inflows.
On September 17, the fund gained $183.7 million, and on the day following, another $108.4 million. In addition to this, investors added $381.4 million and $350.3 million to the fund on September 21& 22, respectively.
In total, US spot Bitcoin ETFs attracted $2.31 billion in the four sessions of inflows, with IBIT 44% of the flow
What this means is that investors put money into the fund to have exposure to Bitcoin without holding BTC directly, not that BlackRock spent $1 billion.
The inflows also show that IBIT is preferred by those who want to participate in the market. remains a preferred route into the market.
Bitcoin retreats despite continued demand
The ETF buying came when Bitcoin was seeing a strong rally, but the chart, as of this writing, showed that the rally has cooled down.
The world’s largest crypto reached an intraday high near the $87,283 price level before falling to just over $84,175. This left it trading with a loss of 2.35% on the day.
This does not erase its overall rebound, and it is still staying above the main averages while the nearest serious support is down at about $80,000.
That level was previously a barrier before Bitcoin moved higher. If it holds above it, the recent breakout will be left intact, and this could allow buyers another opportunity to challenge the $87,300 price area. If it is able to move through that level successfully, it would bring the $90,000 price level into view.
That being said, if Bitcoin dips down to this level, below 80k, the structure is weakening a bit. Bitcoin could head back to the region where demand picked up last time, between 75k-$76k.
Final Summary
- IBIT saw combined inflows of about $1.02 billion over the last four trading days.
- Bitcoin is sitting above $80,000, having started to fade since touching intraday highs near $87,300.