• BlackRock’s $332M Bitcoin purchase boosts IBIT inflows to $329M as BTC price dips 3%, strengthening its ETF dominance.
  • Fidelity’s Bitcoin fund saw $5.9M in inflows, while most other U.S. Bitcoin ETFs recorded negative or zero flows.
  • Market speculation around the U.S. election fueled Bitcoin’s rise, even as total ETF inflows hit $21.2B amid some funds’ declines.

BlackRock purchased $332.3 million in Bitcoin for iShares Bitcoin Trust (IBIT) on October 21. This major buy came after Bitcoin’s price dropped by 3%, drawing attention from the crypto community. Investors took advantage of the dip, sending $329 million in inflows to the fund. BlackRock’s IBIT continues to dominate the spot Bitcoin ETF market, surpassing $23 billion in total net inflows.

JUST IN: 🇺🇸 BlackRock bought $332.3 million in #Bitcoin for it's ETF today.

Are you paying attention? 👀 pic.twitter.com/ktzVW3I2Ek

— Bitcoin Magazine (@BitcoinMagazine) October 22, 2024

Strong Inflows Amid Price Pullback

Besides BlackRock, the Fidelity Wise Origin Bitcoin Fund (FBTC) was the only other U.S. spot Bitcoin ETF to record inflows, with $5.9 million on October 21. Other funds saw zero or negative flows, highlighting BlackRock’s dominance in the market . In fact, this marks the third time in just four days that IBIT has received over $300 million in inflows, according to Farside Investors. 

This strong interest in BlackRock’s Bitcoin ETF occurs even as Bitcoin struggles to break through the $70,000 resistance level, with a recent dip to $66,975. Despite this pullback, traders remain optimistic, with some predicting further downward movement toward $62,000 in the coming days.

Outlook for Bitcoin ETFs and Market Trends

Speculation about the next US election led to a recent surge in the price of Bitcoin, which jumped from $59,000 to $69,130 between October 11 and October 21. Meanwhile, all spot Bitcoin ETFs have seen $21.2 billion of inflows.

The Grayscale Bitcoin Trust, which faces over $20 billion in outflows. Meanwhile, IBIT is the largest Bitcoin ETF and ranks third in inflows for any US-listed ETF this year, after only Vanguard and BlackRock’s S&P 500 index funds.

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Economic Aspects Affect Extended Market Attitude

The Congressional Budget Office projects that the U.S. economy may expand enough by 2034 to balance debt issues, with GDP expected to surpass $27 trillion in 2024 and public debt reaching $26.2 trillion. The government debt is still a problem, though, as interest payments are expected to surpass $1 trillion. Nevertheless, economic expansion is expected to temporarily offset the growing debt.

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