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BlackRock's Spot Bitcoin ETF Draws $526M in Net Inflows
BTC failed to take out key price resistance despite huge inflows into BlackRock's IBIT.
Updated Aug 7, 2024, 3:01 p.m. Published Jul 23, 2024, 6:12 a.m.
- BlackRock's IBIT registered the highest single-day inflow since March.
- BTC failed to break out of a key price resistance level.
BlackRock's iShares Bitcoin Trust (IBIT), a Nasdaq-listed exchange-traded fund (ETF) closely tracking the cryptocurrency's spot price, drew in $526.7 million in investor funds on Monday, preliminary data published by Farside Investors show.
That's the highest single-day tally since March, according to data source Coinglass. Since its inception on Jan. 11, BlackRock alone has drawn in nearly $19.5 billion in investor funds.
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On Monday, the remaining 10 U.S-listed ETFs fell out of investor favor, attracting a net inflow of just $6.9 million.
Bitcoin {{BTC}} briefly topped the $68,000 mark on Monday, reaching its highest level in over a month. The bullish move happened amid a rumor that pro-crypto Republican U.S. presidential candidate Donald Trump would announce a bigger role for BTC in the financial system at the Nashville Bitcoin conference later this month.
The buyers, however, failed to penetrate the trendline connecting March and April highs, paving the way for a renewed pullback. A similar failure to establish a foot hold above the resistance line in late May paved the way for a pull back to under $55,000.
As of writing, the cryptocurrency changed hands at $$66,440, representing a 1.8% drop on a 24-hour basis.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Ce qu'il:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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Ce qu'il:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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