BlackRock's IBIT is drawing attention with strong inflows.

BlackRock's IBIT Sees Rising Flows

BlackRock's iShares Bitcoin Trust (IBIT) fund recorded $134 million in new flows over the last two trading days. IBIT has continued to experience consecutive net flows over the last 10 trading days. This occurred during a period when the price of Bitcoin was declining. While Bitcoin gained over 10% at the beginning of October, it is now showing only a 1.7% increase.

Meanwhile, spot Bitcoin exchange-traded funds (ETFs) traded in the US experienced their largest daily outflows since September 26. According to Farside data, the market saw an outflow of $326.4 million on Monday. However, BlackRock's IBIT fund, contrary to the overall trend, continued to see inflows. During the last two trading sessions, while the price of Bitcoin fell from $122,000 to $107,000, the flows into IBIT continued remarkably.

IBIT saw inflows of $74.2 million and $60.4 million in the last two trading days. However, considering that each of the previous eight trading sessions had inflows of over $200 million, the recent flows indicate a significant decline. Data from Glassnode shows that IBIT's flows have closely followed Bitcoin's price movements in the past. Flows tend to increase during price rises and decrease during price declines.

Bitcoin experienced approximately a 20% correction after reaching an all-time high of $126,000 on October 6. Despite this correction, IBIT continued to see steady flows. Many other ETF issuers, on the other hand, experienced outflows or no flows at all.

Bitcoin Performance in the US Market

Velo data indicates that Bitcoin's performance during US trading hours has significantly weakened. At the beginning of October, the value of Bitcoin rose over 10% during US hours, but this rate has now reduced to 1.7%. Despite this decline, Bitcoin's performance during US hours is still better compared to European and Asian trading sessions.