CryptoQuant CEO Ki Young Ju brought this development to the attention of the crypto market in a recent tweet. “BlackRock’s IBIT recorded the highest weekly netflows since March 2024. $2.11 billion flowed into the Bitcoin market,” Ju wrote in a new tweet.
In the past week, BlackRock’s Bitcoin fund posted an unprecedented net inflow in the past week, in which $872 million poured into the iShares Bitcoin Trust exchange-traded fund on Wednesday, hitting a daily record. This was one of the largest since its launch, with BlackRock setting a new record for the highest inflow ever.
Bitcoin rose to a high of $73,624 last Tuesday before falling for six days in a row. Bitcoin bulls were disappointed over the weekend as the market continued to fall from last week’s liquidated longs.
Bitcoin plummeted to lows of $67,444 in Sunday’s trading session before managing only a modest rebound.
Bitcoin was attempting to recover at the time of writing, having increased by 0.52% in the previous 24 hours to $68,308. Most other major digital assets were experiencing mild losses, with some posting minor gains.
Traders were last pricing in a 99% likelihood of a quarter-point interest rate drop, according to CME Group’s (NASDAQ:CME) FedWatch tool. This comes after the Fed’s significant 50-basis-point rate decrease in September.
Before the Fed’s decision, investors will be watching for additional economic data points on Monday and Tuesday.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
