Bitcoin Review 07/23/2024

Financial and commodity markets analytics

BlackRock's bitcoin ETF recorded the largest inflow of funds since March. The BlackRock iShares Bitcoin Trust ETF (IBIT) exchange-traded fund recorded a significant inflow of funds, which became its largest one-day inflow in more than four months. On Monday, July 22, the fund received more than $523 million, which is equivalent to 7,759 bitcoins. This notable increase occurred on the same day that several ether ETFs were approved in the United States. This influx increased the total assets under IBIT management to 333,000 BTC, which is approximately $22 billion at current prices. This is the seventh largest one-day inflow of funds to IBIT in US dollars.

The combination of factors such as significant inflows of funds into the BlackRock bitcoin ETF, the approval of the ETF for ether and potential political statements highlights the dynamism and rapidly developing in the sector of the cryptocurrency market.

Nevertheless, from a technical point of view, Bitcoin is at the same levels and today it is correcting from recent highs. The expediency of purchases depends on the time horizon of trades and acceptable risks.