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Explained – Bitcoin ETF holders’ buying spree as BlackRock July inflows cross $1B

July 19, 2024
in Bitcoin
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Explained – Bitcoin ETF holders’ buying spree as BlackRock July inflows cross $1B
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  • BlackRock’s iShares Bitcoin Trust (IBIT) saw a $102.7M inflow, marking nine days of gains.
  • Bitcoin’s RSI at 59 indicated strong bullish sentiment, despite recent negative sentiment trends.

On the 18th of July, the BlackRock-issued iShares Bitcoin [BTC] Trust (IBIT) saw an impressive inflow of $102.7 million.

This marked the ninth consecutive day of positive inflows, making IBIT the only spot Exchange Traded Fund (ETF) to achieve such a streak.

BlackRock’s increasing Bitcoin adoption

BlackRock also made headlines for purchasing over $1 billion worth of BTC this month, highlighting the increasing institutional adoption of Bitcoin.

Expanding on the same, Thomas Fahrer, co-founder of crypto data platform Apollo, said, 

“Blackrock has purchased over $1B worth of #Bitcoin this month – Including $107M Today. That’s 18,600 #Bitcoin. This is a total acceleration of inflows.” 

Thomas on BlackRock

Source: Thomas/X

Drop in positive sentiment

Moreover, there has been a mid-sized crypto market bounce this week. However, this has had no impact on the positive sentiment around BTC, which has sharply declined compared to March.

This includes sentiments from social media platforms like Twitter, Reddit, BitcoinTalk, and 4chan.

That being said, in addition to the drop in positive sentiments, traders are increasingly also taking up short positions on the asset. 

According to blockchain market intelligence firm Santiment, 

“Many traders, particularly on @binance, are opening shorts with the expectation of BTC dropping again. Both of these factors increase the likelihood of cryptocurrency rising.” 

Santiment on BTC

Source: Santiment/X

Long-term holders stand strong

In fact, at the time of writing, BTC was down 0.84%, trading at $64,304. However, the Relative Strength Index (RSI) at 59 indicates a strong bullish sentiment for the leading cryptocurrency. 

Bitcoin-TradingView

Source: TradingView

This highlighted the confidence of long-term Bitcoin holders. On-chain analytics platform, IntoTheBlock highlighted it best when it noted, 

“Long-term Bitcoin holders showed confidence last week, adding to their holdings despite fears about recent transactions involving Mt. Gox and the German government.” 

IntoTheBlock

Source: IntoTheBlock/X

Previous: TON’s Bitcoin bridge is coming soon! For Toncoin, that means…
Next: WazirX’s $230M hack post-mortem: How did North Korea’s Lazarus pull it off?

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • BlackRock’s iShares Bitcoin Trust (IBIT) saw a $102.7M inflow, marking nine days of gains.
  • Bitcoin’s RSI at 59 indicated strong bullish sentiment, despite recent negative sentiment trends.

On the 18th of July, the BlackRock-issued iShares Bitcoin [BTC] Trust (IBIT) saw an impressive inflow of $102.7 million.

See also  Marathon Digital unveils platform for developing bitcoin sidechains

This marked the ninth consecutive day of positive inflows, making IBIT the only spot Exchange Traded Fund (ETF) to achieve such a streak.

BlackRock’s increasing Bitcoin adoption

BlackRock also made headlines for purchasing over $1 billion worth of BTC this month, highlighting the increasing institutional adoption of Bitcoin.

Expanding on the same, Thomas Fahrer, co-founder of crypto data platform Apollo, said, 

“Blackrock has purchased over $1B worth of #Bitcoin this month – Including $107M Today. That’s 18,600 #Bitcoin. This is a total acceleration of inflows.” 

Thomas on BlackRock

Source: Thomas/X

Drop in positive sentiment

Moreover, there has been a mid-sized crypto market bounce this week. However, this has had no impact on the positive sentiment around BTC, which has sharply declined compared to March.

This includes sentiments from social media platforms like Twitter, Reddit, BitcoinTalk, and 4chan.

That being said, in addition to the drop in positive sentiments, traders are increasingly also taking up short positions on the asset. 

According to blockchain market intelligence firm Santiment, 

“Many traders, particularly on @binance, are opening shorts with the expectation of BTC dropping again. Both of these factors increase the likelihood of cryptocurrency rising.” 

Santiment on BTC

Source: Santiment/X

Long-term holders stand strong

In fact, at the time of writing, BTC was down 0.84%, trading at $64,304. However, the Relative Strength Index (RSI) at 59 indicates a strong bullish sentiment for the leading cryptocurrency. 

Bitcoin-TradingView

Source: TradingView

This highlighted the confidence of long-term Bitcoin holders. On-chain analytics platform, IntoTheBlock highlighted it best when it noted, 

“Long-term Bitcoin holders showed confidence last week, adding to their holdings despite fears about recent transactions involving Mt. Gox and the German government.” 

IntoTheBlock

Source: IntoTheBlock/X

Previous: TON’s Bitcoin bridge is coming soon! For Toncoin, that means…
Next: WazirX’s $230M hack post-mortem: How did North Korea’s Lazarus pull it off?
Tags: BitcoinBlackRockBuyingCrossETFExplainedHoldersinflowsJulySpree

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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EDITOR'S PICK

Bitcoin’s volatile phase may have ended — Here’s why

Bitcoin’s volatile phase may have ended — Here’s why

November 30, 2023
Fluidkey Launches to Tackle the Transaction Privacy Issues on EVM Chains

Fluidkey Launches to Tackle the Transaction Privacy Issues on EVM Chains

February 25, 2024
SEC probes OpenSea, but NFT artists are likely not the target

SEC probes OpenSea, but NFT artists are likely not the target

September 4, 2024
How Chainlink’s price spike is affecting its supply

Aave whales are on the move – Here’s what to expect

November 10, 2023

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