- Blackrock’s Bitcoin ETFs saw $344 million in inflows on January 22
- It was the only fund registering Bitcoin deposits, preventing negative results for all Bitcoin ETFs
- Blackrock outpaced Bitcoin mining, buying over 3,290 BTC while only 450 BTC were minted globally
Blackrock’s spot Bitcoin ETFs (IBIT) have continued to pull steady Bitcoin inflows on January 22. In fact, IBIT pretty much carried the ETF market on this date, being the only one registering Bitcoin deposits.
On this date, IBIT saw $344 million entering the fund, registering net flow deposits on 6 out of the last trading days. What is even more impressive is the fact that the fund manager was the sole reason why the collective of Bitcoin ETFs didn’t register negative results.
Bitwise (BITB) registered $34.7 million leaving the fund, while Grayscale saw $47.9 million in withdrawals. Also, 12 million dollars left the Ark (ARKB) fund. Other ETFs did not report movements on this day.
Subtracting the net losses seen by Bitwise, Grayscale, and Ark, Blackrock’s positive results led the overall Bitcoin ETFs to register $248.7 million inflows. This is especially significant as it adds to a streak of consecutive inflow days since January 15.
Blackrock Outpaces Bitcoin Mining
The fund manager alone was able to bring in more Bitcoin than the amount mined by the miners worldwide. While only 450 BTC was minted on January 22 — Blackrock’s exchange-traded fund bought over 3,290 BTC on that same day.
Meanwhile, the cryptocurrency registered a slight 1.13% decrease in value over the last 24 hours, according to CoinMarketCap. As of right now, BTC trades at $102,936 per coin, up 2.92% in the week.
The asset is fresh out of reaching its all-time highest value of $108,899 on January 20th. Despite the expected drawback, investors are optimistic about the fact that the world’s largest cryptocurrency appears stable above the $100,000 margin.
Much has been talked about regarding the creation of a strategic Bitcoin reserve under the brand-new Trump Presidency. Some states and crypto firms are already working toward achieving this goal — and if successful it would mark yet another significant milestone for Bitcoin.
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