- Bitcoin ETFs saw outflows, but BlackRock’s IBTC held steady and added to its positions
- Analyst Thomas believes that Bitcoin’s current dip is a harbinger of a significant bull run.
As the crypto community gears up for the launch of spot Ethereum [ETH] ETFs, interest in spot Bitcoin [BTC] ETFs appear to be on the rise.
Bitcoin ETF Flow Analysis
Dates of Farside Investors revealed that Bitcoin ETFs recorded six consecutive days of outflows from June 13 to 21 (excluding June 19).
As of June 21, Fidelity Wise Origin Bitcoin Fund (FBTC) was hit the hardest with outflows totaling $44.8 million, followed by Grayscale Bitcoin Trust (GBTC) with outflows of $34.2 million in one day.
Source: Farside Investors
However, not all Bitcoin ETFs recorded significant outflows. BlackRock’s IBTC remained stable, with zero days of outflows during this period and even before.
Making the same comment on this, Thomasco-founder of ApolloSats took to X (formerly Twitter) and commented:
“Blackrock advances to HODL. No outflow today. +23 Bitcoin this week, while every other major ETF is experiencing a bloodbath. Larry, you did it again.
Source: Thomas/X
This divergence in investor interest underlines the changing dynamics within the cryptocurrency market.
BlackRock is strong
While some Bitcoin ETFs have seen significant outflows, the stability of BlackRock’s IBTC is a sign of selective confidence among investors.
Furthermore, the recent increase in BlackRock’s shareholdings in Bitcoin underlines institutional confidence in Bitcoin’s role as an inflation hedge and investment.
On June 5, BlackRock purchased 3,894 Bitcoins, worth approximately $276.19 million, increasing its total holdings to 295,457 Bitcoins, worth approximately $20.95 billion.
This move is seen as a positive signal to the market, which is likely to influence other investors and increase demand for Bitcoin.
Additionally, executives believe that BlackRock’s accumulation could contribute to a supply shortage, allowing Bitcoin prices to rise further amid changing economic and regulatory conditions.
Impact on the price of Bitcoin
Meanwhile, it is worth pointing out that BTC, while stable, has failed to register a consistent uptrend on the charts. In fact, at the time of writing, it was well under the $70,000 mark.
In a separate analysis, Thomas drew parallels with previous Bitcoin halving cycles. According to him, the current downturn reflects past patterns, with the analyst also stating that he expects a bull run in the coming days.
Source: Thomas/X
However, according to AMBCrypto’s analysis of Santiment data, positive sentiment has dropped dramatically. Still, the one-day Relative Strength Index (RSI) appeared to be recovering from its lows – a sign of a possible turnaround.
Source: Santiment