BlackRock’s $597M Leads Despite Market Downturn | Airdrop Alert Pro

Bitcoin continues its downward trend and is currently trading near $96,259 after a steep 5% drop. The flagship cryptocurrency is facing growing pressure from strong U.S. economic data, which has dented investor sentiment. The 24-hour low was $96,132 and the high was $102,022. Bitcoin trading volume also fell by 23%, reflecting cautious market activity. Overall, major altcoins fell between 5% and 10% in 24 hours, and even memes felt the pressure, with Dogecoin (DOGE) down 8% and Shiba Inu (SHIB) down 10%. The global cryptocurrency market fell 16% and currently stands at $3.38 trillion.

Despite Bitcoin’s plungeBlackRock’s iShares Bitcoin ETF (IBIT) is making waves in the cryptocurrency space, recording huge inflows of $597 million despite the general market downturn. This marks the third consecutive net inflow into the spot Bitcoin ETF, indicating that institutional confidence remains strong even as the market faces macroeconomic pressures.

Amid the downtrend, Bitcoin ETFs are heating up. Will this rally continue? Let’s take a look!

Record inflows underline market optimism

On January 7, BlackRock’s IBIT purchased 6,078 BTC worth $208.7 million, significantly exceeding the newly mined BTC that day. according to datathe ETF’s $597 million inflow became the fund’s lifeline cryptocurrency marketThe company has been grappling with investor caution amid strong U.S. economic data. Bitcoin spot ETFs saw total inflows of nearly $978 million, with BlackRock leading the way.

Other ETFs struggle in selloff

While BlackRock continues to dominate, other Bitcoin ETFs have faced significant outflows. Fidelity’s FBTC, Bitwise’s BITB, and Ark Invest’s ARKB saw combined outflows of more than $400 million. Grayscale’s GBTC also recorded an outflow of $125.45 million, further highlighting BlackRock’s comparative advantage in the market.

What’s dragging down Bitcoin?

Cryptocurrency markets are feeling the heat from strong U.S. economic data. More job openings and better-than-expected services sector data strengthened the U.S. dollar, which is not good news for Bitcoin. On top of that, higher Treasury yields make traditional investments more attractive, drawing attention away from cryptocurrencies. The U.S. dollar index (DXY) remains firm above 108.50, while the 10-year Treasury yield hit a 35-week high of 4.68%, exacerbating Bitcoin’s downward trend.

glimmer of hope

The fact that BlackRock has been actively buying Bitcoin even during market downturns demonstrates its unwavering confidence in the long-term potential of the digital asset. As the iShares Bitcoin ETF continues to attract significant inflows, it could set the stage for renewed optimism in the cryptocurrency space, especially as investors grapple with macroeconomic challenges.

As the dust settles, all eyes are on institutional players and economic trends to see where Bitcoin will go next. With the hype surrounding BlackRock, Fidelity, and real digital gold, we are on the verge of financial freedom.