Key Points
- Bitcoin ETFs have been experiencing outflows, but BlackRock’s IBTC has remained stable and increased its holdings.
- Analyst Thomas suggests Bitcoin’s current dip could precede a significant bull run.
The crypto-community is preparing for the launch of spot Ethereum [ETH] ETFs, while interest in spot Bitcoin [BTC] ETFs appears to be declining.
Bitcoin ETFs and Outflows
Farside Investors’ data shows that Bitcoin ETFs recorded six consecutive days of outflows from 13 to 21 June (excluding 19 June). The Fidelity Wise Origin Bitcoin Fund (FBTC) suffered the most with outflows totaling $44.8 million, followed by Grayscale Bitcoin Trust (GBTC) with outflows of $34.2 million in a single day.
In contrast, BlackRock’s IBTC displayed resilience, with no outflows during this period. The co-founder of ApolloSats, Thomas, highlighted this on X (formerly Twitter), stating that BlackRock continues to hold and even added 23 Bitcoins this week.
BlackRock’s Stability Amid Outflows
Despite significant outflows from some Bitcoin ETFs, the stability of BlackRock’s IBTC signals selective confidence among investors. Moreover, BlackRock’s recent surge in Bitcoin holdings suggests institutional confidence in Bitcoin as an inflation hedge and investment.
On 5 June, BlackRock bought 3,894 Bitcoins, worth approximately $276.19 million, increasing its total holdings to 295,457 Bitcoins valued at about $20.95 billion. This acquisition is seen as a positive market signal, potentially influencing other investors and increasing Bitcoin demand.
Executives believe that BlackRock’s accumulation may lead to a supply shortage, further raising Bitcoin prices amid changing economic and regulatory conditions.
However, Bitcoin, although stable, has not been able to maintain a consistent uptrend. At press time, it was well below the $70,000-mark. Thomas, in a separate analysis, compared the current downturn to previous Bitcoin halving cycles, suggesting a potential bull run in the coming days.
Nevertheless, AMBCrypto’s analysis of Santiment data indicates a significant drop in positive sentiment. Yet, the one-day Relative Strength Index (RSI) seems to be recovering from its lows, indicating a possible turnaround.
