BlackRock’s IBIT Sees $107M Inflows for 9th Consecutive Day

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As a seasoned researcher with a background in finance and cryptocurrencies, I have witnessed the volatile yet intriguing world of Bitcoin and its associated markets for years. The recent surge in investments into BlackRock’s iShares Bitcoin Trust (IBIT) has caught my attention, especially given the consistent inflows of over $100 million per day for seven out of the past nine days. These significant figures are a testament to the growing interest and appeal of Bitcoin among investors.

BlackRock’s iShares Bitcoin Trust (IBIT), which is currently the largest asset manager in the world, continues to draw interest from investors. On July 18 alone, an additional $107 million was invested in this trust. This marks the ninth consecutive day of investments, bringing the total to a significant amount since July 8.

According to Thomas Fahrer, the co-founder of crypto data platform Apollo, an impressive seven out of the nine recent days have seen inflows exceeding $100 million. This is a significant occurrence in the exchange-traded fund (ETF) sector.

Recent News: Blackrock Has Bought Over a Billion Dollars Worth of Bitcoin This Month – A Notable $107 Million Added Today.

— Thomas | heyapollo.com (@thomas_fahrer) July 18, 2024

As an analyst, I’ve observed that Bitcoin’s financial performance continues to be strong. However, I’ve noticed a shift in market sentiment, which is becoming increasingly negative. According to Santiment data, there has been a significant decrease in the number of positive statements about Bitcoin on social media. It appears that traders are taking advantage of this trend by opening short positions.

Expert: Santiment monitors social sentiment across Reddit, X, 4chan, and BitcoinTalk. Currently, positive Bitcoin discussions account for only about one-third of the volume observed four months prior. Notably, the phrase “buy the dip” saw a surge in usage at the beginning of the month, coinciding with Bitcoin’s sharp decline to $53,600 on July 5 – its lowest point in nearly five months.

The Crypto Fear and Greed Index indicates that market sentiment currently leans towards “greed,” registering a score of 60 out of 100. This is quite a turnaround from the record-low “extreme fear” level on July 12, which had a rating of 25 out of 100 – the lowest since early this year.

Thomas Fahrer at Apollo observed that on seven out of nine occasions, investments exceeded $100 million per day, an impressive feat within the ETF market. The persistent inflows underscore IBIT’s significant allure for investors.

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2024-07-19 07:48