BlackRock’s Bitcoin ETF, IBIT, has been drawing massive inflows in recent days. The fund added 3,450 Bitcoins on Friday alone, bringing its total holdings to 625,000 Bitcoins. This marks the 19th consecutive day of inflows for the fund.
Inflows and Market Impact
- The fund has received over $44.7 billion in inflows since its inception.
- Last week, it accounted for a majority of the $321 million in overall ETF flows.
According to Ecoinometrics, if Bitcoin ETF flows reach 60,000 BTC within the next month, it could trigger substantial price growth. Historically, when this flow-to-price model is activated, it tends to lead to strong price appreciation for Bitcoin.
Demand and Market Factors
An unnamed source at BlackRock stated, "We’re seeing a significant increase in demand for our product." However, while Ecoinometrics’ flow-to-price model has historically been accurate, it is not foolproof. Many other factors can influence cryptocurrency prices, including:
- Regulatory changes
- Geopolitical events
- Market sentiment
Related Developments
In related news, Grayscale Investments’ GBTC Trust, which holds around 650,000 BTC, also experienced significant outflows last week, totaling around $1 billion, according to CoinShares data.
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