- Bitcoin ETFs record first outflow after seven days of continuous inflows, signaling market cooling.
- BlackRock’s IBIT fund adds 22,480 BTC worth $1.51B, boosting its holdings to 392,121 BTC.
- Bitcoin’s price remains in the $66,000-$67,500 range, with minor market fluctuations and decreased volume.
Bitcoin ETFs have recorded their first net outflow after a week of strong inflows. Following a streak of seven days where inflows surged, the market has seen a slight cooling off, coinciding with Bitcoin’s price stabilizing around $67,200. Despite the recent outflow, BlackRock’s IBIT fund continues to accumulate Bitcoin aggressively, adding 22,480 BTC ($1.51 billion) over the past week.
Data shows that BlackRock’s holdings have now reached 392,121 BTC, valued at approximately $26.35 billion. This marks an increase in their Bitcoin exposure, even as other ETFs began to see outflows. Over the last seven trading days, the total amount of Bitcoin held in ETF funds surged due to strong demand, peaking with notable purchases.
The recent developments come amid a period of relative stability in Bitcoin’s price, which has remained between $66,000 and $67,500 in the last 24 hours. Currently, Bitcoin’s price stands at $66,477.02, reflecting a slight 0.93% dip in the past day.
The daily trading volume has also decreased by 25.57%, falling to $28.39 billion, indicating a slowdown in market activity following a previously high volatility phase.
Meanwhile, the chart tracking Bitcoin ETF inflows over the past 30 days shows a volatile market environment. Early in the month, significant outflows were observed, with the largest single-day outflow amounting to -$211 million.
Source: SpotOnChain
However, by mid-month, inflows reversed sharply, culminating in a peak inflow of $556 million. These inflows paralleled Bitcoin’s gradual rise from $54,000 to a high of $67,395.
The decline in inflows and the first outflow in over a week suggest that the market is taking a breather after several days of strong interest in Bitcoin ETFs. However, BlackRock’s continued accumulation shows that institutional demand for Bitcoin remains strong.
Bitcoin’s current market capitalization is $1.31 trillion, while its circulating supply is at 19.77 million BTC out of a total 21 million.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
