IBIT’s share price has risen by 20% in the past two weeks and is up 46% this year, showing its significant impact on the market.
The crypto data analyst platform HODL15Capital recently noted that BlackRock’s Bitcoin ETF (IBIT) is a major player in the U.S. Bitcoin ETF market, holding over $22.3 billion in assets. Since it started, the ETF has attracted over $19.5 billion in inflows, showing strong investor interest. IBIT’s share price has risen by 20% in the past two weeks and is up 46% this year, highlighting its significant impact on the market.
https://twitter.com/HODL15Capital/status/1815520128274166000?t=MRmg74zEXn9dbL9ekkV5NA&s=19
There is speculation that BlackRock CEO Larry Fink could become Treasury Secretary if Donald Trump wins the next election, adding more interest to BlackRock’s growing influence in finance. IBIT’s trading activity has surged, recently reaching $912 million in trading volume. This increase shows growing confidence among both institutional and retail investors in Bitcoin.
IBIT’s Performance Trends
A closer look at IBIT’s performance reveals several trends. ETF flows started strong in February 2024 with $386 million, peaking at $612 million, before dropping to $96 million. March saw high volatility, with peaks at $849 million and $452 million, followed by a stable April with lower volatility.
May 2024 had significant outflows and nearly no flow days, but June recovered with positive inflows reaching $347 million. The upward trend continued into July, ending with a considerable $525 million in inflows.
Key support and resistance levels for IBIT have appeared. In April, $19 million and $21 million were important support points. During June’s recovery, $18 million was key support. On the resistance side, March’s $849 million peak is a strong resistance level, followed by $612 million and July’s $525 million peak.
The overall trend in IBIT flows suggests increasing investor interest, with periods of high volatility followed by market consolidation, as seen in April. The July surge shows renewed investor confidence, possibly leading to more bullish momentum.
SEC Approves Nine Ethereum ETFs
In related news, the SEC has approved nine Ethereum funds to begin trading at 9:30 AM on Tuesday, July 23rd. This approval includes BlackRock’s Ethereum Trust Fund (ETHA), Fidelity’s Advantage Ether (FETH), and seven other ETFs.
🚨 The SEC has officially approved 9 Spot Ether ETFs to begin trading today. #Crypto #EtherETFshttps://t.co/SWbd5l14kD
— Cryptocurrencies To Watch (CTW) (@CryptosToWatch) July 23, 2024
The approval is expected to significantly impact the industry by attracting massive inflows. Additionally, ETHA plans to launch with a 0.25% management fee, which could replicate IBIT’s success and further strengthen BlackRock’s position in the cryptocurrency market.
