BlackRock's Bitcoin ETF has attracted massive inflows, but Bitcoin remains under bearish pressure
The net flows for Aug. 26 stand for $202 million. Apart from BlackRock's IBIT, Franklin Bitcoin ETF and WisdomTree Bitcoin Fund are in the green with $5.5 million and $5.1 million worth of inflows, respectively. Mind-Blowing 20% Tron Rally: Is It New Ethereum? Solana Performs Solid Breakthrough, Shiba Inu Failed: What Happened?Ark 21Shares Bitcoin ETF , Invesco Galaxy Bitcoin ETF , Coinshares Valkyrie Bitcoin Fund ETF as well as Grayscale's products recorded zero net flows on Monday.
In the meantime, Bitwise Bitcoin ETF recorded substantial outflows of $16.6 million. Fidelity Wise Origin Bitcoin Fund and VanEck Bitcoin ETF are also in the red with $8.3 million and $7.2 million respectively. Despite the substantial inflows recorded by BlackRock, the price of Bitcoin remains under bearish pressure. According to CoinGecko data, it is currently changing hands at $63,191, down 1.3% over the past 24 hours.
As noted by cryptocurrency analytics platform Santiment, the Bitcoin price dip caused a 7.5% plunge in open interest. For comparison, major altcoins have recorded insignificant drops in open interest. Alex Dovbnya Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
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