BlackRock’s iShares Bitcoin Trust Sees $526.7 Million Inflow Amid Bitcoin Price Surge

BlackRock’s iShares Bitcoin Trust Sees Significant Inflows

BlackRock’s iShares Bitcoin Trust (IBIT), which is an exchange-traded fund (ETF) listed on the Nasdaq and designed to closely track the spot price of Bitcoin, experienced an impressive influx of investor funds on Monday, totaling $526.7 million. This figure, as reported by preliminary data from Farside Investors, marks the largest single-day inflow since March, according to insights from Coinglass.

Since its launch on January 11, BlackRock’s iShares Bitcoin Trust has attracted nearly $19.5 billion in total investment. In contrast, the other 10 U.S.-listed ETFs experienced a decline in investor interest, collectively drawing in only $6.9 million on the same day.

On the same day, Bitcoin (BTC) briefly surged past the $68,000 threshold, achieving its highest price level in over a month. This bullish momentum coincided with speculation surrounding pro-cryptocurrency Republican presidential candidate Donald Trump, who is expected to highlight a more significant role for Bitcoin in the financial ecosystem at the forthcoming Nashville Bitcoin conference.

However, despite this upward movement, buyers were unable to break through the critical trendline connecting the highs from March and April. This inability to sustain momentum suggests a potential for renewed pullbacks, reminiscent of a similar scenario in late May when the price failed to hold above the resistance line, leading to a decline below $55,000.

As of the latest updates, Bitcoin is trading at $66,440, reflecting a 1.8% decline over the past 24 hours.