BlackRock Bitcoin ETF Sees Massive Inflows Amid BTC Price Consolidation
Highlights
- BlackRock Bitcoin ETF inflows stood $223 million out of the $319 million total flows on Wednesday.
- Bitcoin's long-term holder realized price has increased to $45,340, showing greater commitment by investors.
- BTC faces critical resistance at $104,900 breaking which could set stage for all-time high.
Just when the market thought the Bitcoin ETF inflows were coming down amid consolidating BTC price, BlackRock’s IBIT pushed them up with massive inflows on Wednesday. Leading the overall ETF inflows, IBIT scooped up 2,250 BTC from the market on a single day, worth $232 million.
Institutional demand for BTC continues as the asset flirts around $103,000 after double-digit gains last week, setting the base for a new all-time high.
BlackRock Bitcoin ETF Dominates Net Inflows
BlackRock iShares Bitcoin Trust (IBIT) has been single-handedly dominating the inflows into US Bitcoin ETFs over the past month since mid-April.
As per the Farside Investors data, US Bitcoin ETFs clocked net inflows of $319 million on Wednesday, where IBIT alone contributed a massive $223 million. Following yesterday’s purchase of 2,250 BTC, the total BTC holdings for the BlackRock Bitcoin ETF currently stand at 628,000 BTC.
Amid the strong inflows, the IBIT share price has also surged 23% over the last month, highlighting renewed interest among institutional players. Apart from IBIT, other ETFs like Fidelity’s FBTC and Grayscale mini Bitcoin ETF (BTC) contributed to $35 million in inflows each.
Bitcoin Long-Term Holder Cost Basis Jumps
On-chain analytics firm Glassnode reports that Bitcoin’s Long-Term Holder (LTH) realized price has risen to $45,340. It also reflects the aging of coins purchased in the $90,000-$100,000 range, now transitioning into the long-term holder category. The rising cost basis highlights the growing maturity of BTC holders for the long term.
Additionally, highlighting the strength of the current Bitcoin price rally, popular analyst Miles Deutscher stated that the BTC funding rate has not spiked this time. This shows that most of it has come through spot buying and not leverage, with giants like BlackRock Bitcoin ETF contributing to this.
BTC Price Needs to Clear This Resistance for ATH
As of press time, Bitcoin price is trading 1.2% at $102,388 with its daily trading volume dropping 10% to $44.5 billion. Popular crypto analyst Ali Martinez noted that BTC could see a brief pullback to $100K, with the Relative Strength Index (RSI) now signaling overbought conditions.
Crypto analyst Captain Faibik has identified an ascending triangle pattern on Bitcoin’s hourly chart. He noted that if Bitcoin successfully bounces from its current level, it could test the key horizontal resistance at $104,900. Clearing this resistance is critical for bulls to confirm a breakoutmoving towards fresh all-time highs.
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