Blackrock Leads Spot Bitcoin ETF with $23B Inflows

• On October 21, the Blackrock’s spot Bitcoin exchange-traded fund positioned itself to be a leader of all spot Bitcoin ETF products.
• The event is a result of price declination of Bitcoin by 3.25% dragging the price at $66,975 on the same day.
• On October 20, Bitcoin has witnessed a high in the last five months and a little price pullback is likely to happen- a crypto trader, Emperor

On October 21, when Bitcoin went down by 3%, the Investors of iShares Bitcoin Trust (IBIT) made it go down on a lower level by transferring around $329 million in inflows to the fund. Apart from this, the Fidelity Wise Origin Bitcoin Fund (FBTC) is the other spot Bitcoin ETF to witness an inflow on the same day having an estimation of about $5.9 million. 

At the same time other United States spot Bitcoin ETF either witnessed no inflows or it went negative. Farside Investors, a London based investment management boutique reported that within four trading days IBIT has witnessed its third time when there is $300 million in inflows. 

On October 21, the Blackrock’s spot Bitcoin exchange-traded fund positioned itself to be a leader of all spot Bitcoin ETF products. Reportedly, it has surpassed the $23 billion mark in total net inflows on the same day. 

The third-biggest ETF inflow

An analyst of Bloomberg, a prestigious media outlet, Eric Balchunas has mentioned that iShares Bitcoin Trust has witnessed its third-biggest ETF inflows of this year depending only on Vanguard as well as S&P 500 index funds of BlackRock. 

The event is a result of price declination of Bitcoin by 3.25% dragging the price at $66,975 on the same day. Also, it was speculated that Bitcoin will surpass the $70,000 benchmark in the previous week but it just shrunk down to $69,372.   

However, Bitcoin has attained this rise in just 10 days starting from $59,000, as per the data of the CoinMarketCap. A crypto trader kept his point of view by saying that the market is selling off a bit as speculated and it is completely fine.

Price pullback is likely to happen 

On October 20, Bitcoin has witnessed a high in the last five months and a little price pullback is likely to happen, a crypto trader, Emperor has mentioned. Many market analysts also believe that the rise in the price of Bitcoin that was initiated on October 11 till yesterday can be highly driven because of the forthcoming US election. 

At the same time, if we talk about overall net inflows of all spot Bitcoin ETFs is estimated at about $21.2 billion. Also, this incorporates more than $20 billion in outflows from Grayscale Bitcoin Trust. 

At the press time, Bitcoin is trading at $67,091.70 which is 7.07% up as compared to the last month. The Volume (24h) currently stands at $38.05 billion.