Bitcoin (BTC) Price Under Pressure Despite Massive Inflows of BlackRock ETF
2024-08-27

On Monday, BlackRock's record-breaking iShares Bitcoin Trust (IBIT) managed to attract an eye-popping $224 million worth of inflows. 
The net flows for Aug. 26 stand for $202 million. Apart from BlackRock's IBIT, Franklin Bitcoin ETF (EZBC) and WisdomTree Bitcoin Fund (BTCW) are in the green with $5.5 million and $5.1 million worth of inflows, respectively. 
Ark 21Shares Bitcoin ETF (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), Coinshares Valkyrie Bitcoin Fund ETF (BRRR) as well as Grayscale's products recorded zero net flows on Monday. 
In the meantime, Bitwise Bitcoin ETF (BITB) recorded substantial outflows of $16.6 million. Fidelity Wise Origin Bitcoin Fund (FBTC) and VanEck Bitcoin ETF (HODL) are also in the red with $8.3 million and $7.2 million respectively. 
Bitcoin remains under bearish pressure 
Despite the substantial inflows recorded by BlackRock, the price of Bitcoin remains under bearish pressure. According to CoinGecko data, it is currently changing hands at $63,191, down 1.3% over the past 24 hours. 
As noted by cryptocurrency analytics platform Santiment, the Bitcoin price dip caused a 7.5% plunge in open interest. For comparison, major altcoins have recorded insignificant drops in open interest. 
The term "open interest" refers to the total value of all outstanding derivatives contracts. 
According to Santiment, the sudden drop in open interest might indicate that traders have started gravitating toward altcoins.
As reported by U.Today, Bitcoin dominance is now approaching yet another multi-year high. 