BlackRock Sees Biggest Monthly ETF Inflow as US Bitcoin Holdings Rise

On September 26, CryptoQuant founder Ki Young Ju reported that America is regaining dominance in terms of BTC holdings. Its ratio compared to other countries is rising, “driven by demand for spot ETFs,” he added.

According to the US reserves ratio chart he provided, holdings have been rising over the past year, but have yet to return to the levels seen during BTC’s 2024 all-time high in March.

The US is regaining dominance #Bitcoin exploitations Its ratio compared to other countries is rising, driven by demand for spot ETFs. Only known entities are included. pic.twitter.com/a9XOb5134E

— Ki Young Ju (@ki_young_ju) September 26, 2024

BlackRock highest influx for a month

In a separate post on X, Ki Young Ju reported that local demand for Bitcoin ETFs has recovered, with the 30-day net change in total holdings turning positive.

#Bitcoin Demand for spot ETFs recovered, and the 30-day net change in total holdings turned positive. pic.twitter.com/c0C8BaFPDq

— Ki Young Ju (@ki_young_ju) September 26, 2024

Aggregate inflows of $106 million were recorded as of Sept. 25, according to preliminary data from Farside Investors. It’s the fifth straight trading day in which investment products have seen inflows, bringing the combined total for all spot ETFs to nearly $18 billion since they launched in January.

BlackRock’s IBIT dominated, with its highest monthly inflow of $184.4 million. However, there were outflows from Fidelity’s FBTC and Ark’s ARKB funds, which lost $33.2 million and $47.4 million, respectively. There was a small inflow of $2.1 million for Bitwise (BITB), but the rest, including the two grayscale funds, had zero flows.

ETF Store President Nate Geraci commented on recent reports that Bitcoin ETF flows were drying up.

“What’s weird is that this report could be someone who just hates BTC and wants to see ETFs fail, or someone who is a complete hyperbitcoinizer and can’t stand to go a week without massive gains?”

Bitcoin ETF Holdings ‘Desperately Flat’…

lol pic.twitter.com/aYhFEroTQh

— Nate Geraci (@NateGeraci) September 25, 2024

Where next for BTC?

Veteran trader and chart guru Peter Brandt observed that bitcoin continues in a sequence of lower highs and lower lows.

He added that a break from July’s highs of just over $70,000 would be needed to reverse that sequence.

Bitcoin ($BTCUSD) continues in a sequence of lower highs and lower lows. Only a significant close above the July highs would change this sequence and officially complete the 6-month expanding triangle. pic.twitter.com/GaSBWZRoE6

— Peter Brandt (@PeterLBrandt) September 25, 2024

Bitcoin, which has been described as a liquidity barometer in recent research, was trading up 1.1% on the day at $63,520 at the time of writing. It was rejected at the $64,500 resistance twice this week and once in late August as it failed to break above that price level. However, it has also bounced off the $62,850 support twice this week and held for several days.

The broader crypto market was down 2.1% in terms of total capitalization, meaning altcoins were having a tougher time of it over the past 24 hours.

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