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    BlackRock’s IBIT investors throw $329M into ETF as Bitcoin dips 3%

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    BlackRock’s iShares Bitcoin Trust (IBIT) fund attracted $329 million in investments after Bitcoin’s value dropped by 3% on October 21. Fidelity Wise Origin Bitcoin Fund (FBTC) was the second to benefit with $5.9 million on the same day. The Bitcoin drop also stopped a 10-day price increase that was reportedly driven by speculation around the US elections. Despite the drop, the net investments across all Bitcoin ETFs total $21.2 billion with iShares Bitcoin Trust maintaining lead with a total of $23 billion.

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    After Bitcoin’s value dropped by 3% in a single day, users of BlackRock’s iShares Bitcoin Trust (IBIT) seized the opportunity to buy at a lower price. This resulted in a whopping $329 million being invested into the fund on October 21.

    Notably, Fidelity Wise Origin Bitcoin Fund (FBTC) was the only other U.S. Bitcoin ETF to experience an influx, taking in a comparatively humble $5.9 million on the same day. The rest either had no new investments or saw a decrease.

    This market reaction isn’t new for BlackRock’s Bitcoin ETF. It’s the third time in four trading days that the fund attracted over $300 million in additional investments, according to data from Farside Investors.

    The iShares Bitcoin Trust remains the top-dog among all Bitcoin ETFs, crossing a total of $23 billion in net investments on October 21.

    Eric Balchunas, a Bloomberg ETF analyst, noted that IBIT ranks third in terms of the largest ETF inflows in 2024, following Vanguard and BlackRock’s S&P500 index funds.

    Bitcoin’s 3.25% price drop on October 21 brought it to a daily low of $66,975. This stopped a 10-day winning streak during which Bitcoin rose from $59,000 to $69,130, as per CoinGecko data.

    Despite this setback, cryptotraders predicted potential pullbacks to $62,000 after Bitcoin hit its highest weekly finish in five months on October 20. Many attributed Bitcoin’s price upswing between October 11 and 21 to speculation on the upcoming U.S. election.

    Overall, the total net investments across all Bitcoin ETFs now amount to $21.2 billion. This figure includes over $20 billion in outflows from GBTC. At present, Bitcoin trades at $67,360, representing a 2.2% decrease in the last 24 hours.

    Source: Cointelegraph

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