BlackRock’s Bitcoin ETF Sees $597 Million Inflow Amid Crypto Market Struggles

BlackRock’s iShares Bitcoin ETF (IBIT) saw a significant $597 million inflow on Tuesday, providing a much-needed boost to the struggling crypto market.

This came at a time when investor sentiment had turned cautious following strong economic data from the US, including the JOLTS job openings and ISM Services PMI reports.

Despite a broader market downturn, BlackRock’s Bitcoin ETF stood out with impressive inflows , while other prominent Bitcoin ETFs such as those from Fidelity, Bitwise, Ark Invest, Franklin Templeton, and Grayscale experienced outflows. On January 7, IBIT alone acquired 6,078 BTC, valued at $208.7 million, significantly outpacing the 450 BTC mined by miners that day.

The ETF’s continued success is notable, marking its third consecutive inflow despite a recent selloff. This followed a $978.6 million inflow on Monday, which had sparked renewed optimism as Bitcoin surged past the $102K mark.

In contrast, Bitcoin ETFs from other major players faced withdrawals: Fidelity’s FBTC saw $86.29 million in outflows, Bitwise’s BITB had $113.85 million, and Ark Invest’s ARKB recorded $212.55 million in outflows. Franklin Templeton’s EZBC and Grayscale’s GBTC also saw significant outflows, at $5.58 million and $125.45 million, respectively.

Overall, the net inflow for Bitcoin spot ETFs reached $52.4 million, with BlackRock’s iShares Bitcoin Trust accounting for the majority of this figure.