Blackrock’s Ishares Bitcoin Trust ETF (IBIT) pulled in a record $741 million yesterday, the highest inflow recorded by the leading Bitcoin ETF in two weeks.
This came amid Bitcoin hitting a new all-time high of $108,135 yesterday. The crypto asset continues to react to bullish developments surrounding a possible strategic Bitcoin reserve in the United States.
The 11 spot Bitcoin ETFs pulled in $493 million following substantial outflows in four of the Bitcoin ETFs during the trading day.
Inflows by ETF products
Farside Investors UK data revealed that Blackrock’s IBIT led the inflow for the day with a staggering $741 million pulled in by the ETF product.
Grayscale’s BTC and VanEck’s HODL registered the remaining inflows for the day with $3.8 million and $3 million flowing into the funds respectively.
Outflows by ETF products
The 11 spot Bitcoin ETFs were besieged by an unusually high level of Outflows yesterday from unexpected quarters.
Fidelity’s FBTC registered the highest outflow for the day losing a staggering $128.2 million.
Grayscale’s GBTC, Bitwise BITB, and ARK 21 shares ARKB followed suit recording outflows of $84.7 million, $24.4 million, and $17.0 million respectively.
Yesterday’s trading took the Cumulative total net inflow to $36.73 billion with a Total value traded at $4.45 billion per data from Sosovalue.
Bitcoin’s New all-time high
Bitcoin surpassed its previous all-time high for a new one of $108,135 yesterday.
The crypto asset hit a new price level of $8,000 clear from the psychological $100,000 price barrier it struggled to break last month.
At the time of the report, Bitcoin is exchanging hands for $104,372 dropping by 2.0% in the last 24 hours but still up by 5.6% on a seven-day scale.
FOMC meeting Held today
The United States Federal Reserve is set to hold its Federal Open Market Committee meeting today where Chairman Jerome Powell is expected to announce new tax rate cuts.
Tax rate cuts often lead to a drive-up in crypto prices because they encourage more lending pumping liquidity into the US economy.
More cash and few assets to invest in leads to a drive-up in demand for assets like Bitcoin inherently increasing their price.
