Key Points
- BlackRock’s iShares Bitcoin Trust (IBIT) experienced a significant inflow, causing its stock to rise by 20% in two weeks.
- Bitcoin’s price could drop to $64,000 if it fails to maintain the crucial demand zone of $66,200.
BlackRock’s iShares Bitcoin Trust (IBIT) has seen a significant increase in inflow, leading to a 20% rise in the stock within a fortnight.
This follows the approval of the spot Ethereum [ETH] Exchange-Traded Fund (ETF) in the United States, which resulted in the overall cryptocurrency market experiencing a downturn and selling pressure.
Bitcoin ETF Inflow and BlackRock’s IBIT
Despite the market downturn, Bitcoin [BTC] ETF has seen an inflow of over $534 million, according to on-chain analytic firm Spotonchain.
This substantial inflow marks the 12th consecutive trading day of positive inflow for Bitcoin ETF.
BlackRock’s IBIT has particularly benefited from this, with a notable half-a-billion inflow. This is the first time since March 13th that IBIT has seen such a significant inflow.
The total inflow for IBIT since its launch has now surpassed $19.5 billion. IBIT holdings have also increased to 325,000 BTC worth $22.5 billion, and its stock price has risen by 2.56%.
Bitcoin’s Performance and Forecast
Over the last two trading weeks, IBIT has seen a price increase of over 20%. In the last 30 days, due to increased interest from investors and traders, IBIT has seen a price surge of over 15%.
However, Bitcoin is currently at a crucial demand zone of $66,200. If Bitcoin fails to sustain this level, a price drop to $64,000 could be expected.
Despite a recent 1.5% price drop, investor and trader participation has increased by 45%, indicating continued interest. Over the last 30 days, Bitcoin has gained 4.7% in value.
