BlackRock ETF sees biggest inflow in 35 days as Bitcoin weekly rally pauses

BlackRock’s Bitcoin exchange-traded fund (ETF) recorded its largest daily net inflow in 35 days, with buyers seemingly taking advantage of Bitcoin’s small slide under $64,000 after a weekly rally. 

The iShares Bitcoin Trust ETF (IBIT) on Aug. 26, recorded a $224.1 million net inflow, its largest since July 22 when it had $526.7 million in inflows and Bitcoin (BTC $62,838) hit a daily top of $67,534 per Farside Investors data and Cointelegraph Markets Pro.

Bitcoin has fallen nearly 2% in the last 24 hours to $63,031 from a daily high of $64,121. It came after a strong weekly rally that took BTC from a seven-day low of $58,756 to a high of $64,475 on Aug. 25, its highest price since around the start of August.

Over the past 24 hours, Bitcoin surpassed ,000 before retracing just below ,000. Source: Cointelegraph Markets Pro

IBIT’s inflows carried the 11 United States spot Bitcoin ETFs to record a $202.6 million daily joint net inflow, with funds from issuers Bitwise, Fidelity and VanEck together seeing total net outflows of $32.1 million.

The Franklin Bitcoin ETF (EZBC) and the WisdomTree Bitcoin Fund (BTCW) were the only other two ETFs to see net inflows — $5.5 million and $5.1 million, respectively.

Monday’s Bitcoin ETF flows (green) show IBIT captured most of the buys. Source: Farside Investors

Meanwhile, US-based Ether (ETH $2,685) ETFs saw joint net outflows of $13.2 million, with ETH seeing a 2.22% drop in the past day to $2,686.

IBIT’s dominating inflows for the day come after it led global crypto investment products for the week ending Aug. 23. According to CoinShares data, these products saw their highest weekly inflows in the past five weeks.

Bitcoin investment products saw the most significant inflows last week, hitting $543 million, with IBIT again catching the most inflows of any crypto investment product at $318 million.

CoinShares head of research James Butterfill noted that last week’s crypto product buys were fueled by anticipation that the US Federal Reserve could cut interest rates, following its chair Jerome Powell’s suggestion on Aug. 21 that they could occur in September.