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BlackRock's Bitcoin ETF Dominates, Sees Outflows and Inflows Amid Market Uncertainty
Generated by AI AgentCoin World
Saturday, Feb 22, 2025 6:41 am ET1min read
BlackRock's Bitcoin ETF has surpassed 50% market share, holding $56.8 billion in Bitcoin and accounting for 50.4% of all Bitcoin ETF holdings. This milestone comes just a year after the launch of US spot Bitcoin ETFs in January 2024, solidifying BlackRock's influence in the crypto market.
Despite its growing dominance, Bitcoin ETFs saw $364 million in outflows over three consecutive days, including $112 million from BlackRock's iShares Bitcoin Trust ETF (IBIT) on February 20. This sell-off reflects short-term uncertainty among institutional investors but also signals a potential buying opportunity as the market stabilizes.
BTC is currently trading at $96,500, down 2% in the last 24 hours, with a trading volume of $48.5 billion. The cryptocurrency briefly dropped to $94,900 before recovering above the crucial $96,000 level, suggesting strong support at $93,000. However, selling pressure remains, putting Bitcoin's bullish momentum to the test.
On February 22, BlackRock's Bitcoin ETF saw a $21.6 million inflow, highlighting continued institutional interest. This inflow coincided with a 10% increase in BTC's trading volume to $32.4 billion, compared to the previous day's $29.5 billion. Positive sentiment extended to Ethereum (ETH), which gained 1.7% to reach $3,200 with a trading volume of $14.5 billion.
Technical indicators support a bullish outlook, with Bitcoin's Relative Strength Index (RSI) at 68, signaling strong buying pressure. Additionally, the Moving Average Convergence Divergence (MACD) showed a bullish crossover, reinforcing positive momentum. Trading volume for BTC/USDT on Binance surged to $4.2 billion within the first hour following BlackRock's ETF inflow announcement, reflecting heightened market interest.
Bitcoin (BTC/USD) is currently trading at $96,500, showing signs of consolidation after a sharp pullback from the $98,100 resistance level. The decline was triggered by rejection at the descending trendline, signaling persistent selling pressure
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