BlackRock Bitcoin Buying Rebounds as ETF Investors Sit 22% Underwater

BlackRock clients bought $273.2 million of Bitcoin over two days after selling $63.6 million earlier in the week. Those figures match BlackRock's reported fund creations to the decimal.

The buying made BlackRock close to the entire US spot Bitcoin ETF market this week. It also arrived with the average fund dollar sitting deeply underwater.

BlackRock Was More Than the Whole Market This Week

The iShares Bitcoin Trust (IBIT) took in a net $209.6 million across the four sessions from July 27 to July 30, according to Farside Investors. The full 13-fund complex took in $203.9 million. Every other fund combined therefore came out slightly negative.

The daily split shows the same concentration. IBIT supplied $183.38 million of the $233.13 million that arrived on July 30, or 79% of the total. That was the largest single-day inflow since July 6, SoSoValue records show.

Arkham's on-chain tally reconciles exactly with those creations. IBIT redeemed $8.8 million and $54.8 million on July 27 and July 28, producing the $63.6 million of selling Arkham logged. Creations of $89.8 million and $183.4 million followed, matching its $273.2 million figure.

… Continue reading the full article at the original source below.