BlackRock's Bitcoin ETF Sees $329M Inflow as Bitcoin Price Dips 3%

According to Cointelegraph: Investors flocked to buy the dip in BlackRock’s iShares Bitcoin Trust (IBIT), pouring in $329 million on October 21, following a 3% drop in Bitcoin's price. The dip sent Bitcoin down to $66,975, cutting into a 10-day surge that saw the cryptocurrency rise from $59,000 to over $69,000. Despite the pullback, investors showed confidence in the market by adding significant inflows into BlackRock’s ETF.Key Highlights:BlackRock's Inflow Dominance: BlackRock’s IBIT led all spot Bitcoin ETFs in the U.S. market, with total net inflows surpassing $23 billion. On Oct. 21 alone, IBIT received $329 million in fresh investments.Spot Bitcoin ETF Flows: The Fidelity Wise Origin Bitcoin Fund (FBTC) also saw inflows, adding $5.9 million on the same day. However, other spot Bitcoin ETFs reported either zero or negative flows.Price Pullback: Bitcoin's dip comes after a failed attempt to breach the $70,000 resistance level, leading to a 3.25% decline. Some traders predict a further pullback to the $62,000 range.Election Speculation: The recent Bitcoin price surge has been largely attributed to speculation surrounding the upcoming U.S. presidential election, with investors positioning ahead of potential market movements.ETF Performance: BlackRock’s IBIT has posted the third-largest ETF inflows of 2024, trailing only Vanguard and BlackRock’s S&P 500 index funds.Bitcoin is currently trading at $67,360, down 2.2% over the last 24 hours, while total net inflows across all U.S. spot Bitcoin ETFs stand at $21.2 billion.