Investors put more money into BlackRock’s iShares Bitcoin Trust ETF (IBIT) on August 26 after the price of Bitcoin briefly dropped. The most money came in every day for the first time in over a month. A huge $224.1 million was put into the fund. This is the most money that has been put in since July 22, when $526.7 million came in after Bitcoin became worth $67,534.
Because of these purchases, Bitcoin’s value dropped below $64,000 after a strong rise over the past week. The coin was worth $58,756 seven days ago. It hit a high point of $64,475 on August 25—its best level since the beginning of August. BTC, on the other hand, dropped to $63,031, which is a small drop of almost 2% in 24 hours.
All 11 U.S. Bitcoin ETFs saw a daily net inflow of $202.6 million thanks to the huge amounts of money that came into each one. The Franklin Bitcoin ETF and the WisdomTree Bitcoin Fund were the only ones that got more money added to them. They gained a net of $5.5 million and $5.1 million, respectively. Some of the other funds that were taken were $32.1 million from Bitwise, Fidelity, and VanEck.
IBIT has recently taken over the market after having a great week ending August 23. More money came into global crypto financial goods that week than in the five weeks before. Just from Bitcoin financial goods, $543 million was made. Of that amount, $318 million came from IBIT. This shows how strong it is in the market.
