BlackRock Bitcoin ETF (IBIT) has broken a streak of subdued or negative flows, recording its first inflow after weeks. Spot Bitcoin ETF also saw net inflows of $265.7 million, triggering upside momentum in BTC amid multiple positive catalysts. Will this spark a rally in BTC price in the coming days?
BlackRock Bitcoin ETF (IBIT) Sees Over $209 Million in Inflows
BlackRock’s iShares Bitcoin Trust (IBIT) recorded $209.4 million in inflows, according to Farside Investors data on July 7. This marks the first significant positive movement after weeks of outflows or minimal activity.
Fidelity’s FBTC, Bitwise’s BITB, ARK 21Shares’ ARKB, and Grayscale Mini ETF also saw $9.7 million, $4.8 million, $33 million, and $42.3 million in inflows. However, Grayscale’s GBTC recorded $44.5 million in outflows.
This increased total U.S. spot Bitcoin ETF inflows to $265.7 million, the strongest single-day inflows in weeks. Spot Bitcoin ETFs have now recorded inflows for two consecutive days, sparking positive sentiment in the crypto market.
Spot ETFs snapped a period of mixed-to-negative flows in late June and early July, where IBIT had seen consistent outflows. Notably, BlackRock Bitcoin ETF saw $40.4 million in outflows despite the first net inflow on Friday.
Can BTC Price Rally amid Headwinds?
Bitcoin price is currently trading within the $63,000-$64,000 range. The intraday low and high were $61,275 and $64,597, respectively. Moreover, trading volume has climbed more than 90% over the past 24 hours, indicating a rise in interest among traders.
Inflows into BlackRock Bitcoin ETF often correlate with price support, especially during selling pressure. It explains the rise in BTC price despite Michael Saylor’s Strategy selling massive Bitcoin worth $216 million.
Strong institutional interest via the largest ETF, seasonal factors, and potential liquidity catalysts could drive Bitcoin price rally. IBIT remains the standout performer with massive cumulative inflows of more than $60 billion.
Market expert firm BIT (formerly Matrixport) claimed that Bitcoin has started July on a solid footing, given its historically strong seasonality. “Supportive rhetoric from President Trump, including remarks that the US is taking over crypto and is in a position of strength, has helped sentiment,” said BIT.
Also, it added that investor attention shifted to the Clarity Act, facing an August 7 deadline before the Senate begins its summer recess. BIT predicts an initial resistance for Bitcoin at $65,955.
If you want to easily, efficiently, and quickly swap one crypto to another crypto, check out these 10 Best Crypto Swapping Sites.