Bitcoin ETF

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 <li>BlackRock’s $332M Bitcoin purchase boosts IBIT inflows to $329M as BTC price dips 3%, strengthening its ETF dominance.</li>  
 <li>Fidelity’s Bitcoin fund saw $5.9M in inflows, while most other U.S. Bitcoin ETFs recorded negative or zero flows.</li>  
 <li>Market speculation around the U.S. election fueled Bitcoin’s rise, even as total ETF inflows hit $21.2B amid some funds' declines.</li> 
</ul>  
<p>BlackRock purchased $332.3 million in Bitcoin for iShares Bitcoin Trust (IBIT) on October 21. This major buy came after Bitcoin's <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">price</a> dropped by 3%, drawing attention from the crypto community. Investors took advantage of the dip, sending $329 million in inflows to the fund. BlackRock’s IBIT continues to dominate the spot Bitcoin ETF market, surpassing $23 billion in total net inflows.</p>  
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<h2 class="wp-block-heading" id="h-strong-inflows-amid-price-pullback">Strong Inflows Amid Price Pullback</h2>  
<p>Besides BlackRock, the Fidelity Wise Origin Bitcoin Fund (FBTC) was the only other U.S. spot Bitcoin ETF to record inflows, with $5.9 million on October 21. Other funds saw zero or negative flows, highlighting <a href="https://cryptonewsland.com/blackrocks-etha-nears-1b-will-it-surpass-grayscale-ethereum-etf/" target="_blank" rel="noopener noreferrer nofollow">BlackRock’s dominance in the market</a>. In fact, this marks the third time in just four days that IBIT has received over $300 million in inflows, according to Farside Investors.&nbsp;</p>  
<p>This strong interest in BlackRock’s Bitcoin ETF occurs even as Bitcoin struggles to break through the $70,000 resistance level, with a recent dip to $66,975. Despite this pullback, traders remain optimistic, with some predicting further downward movement toward $62,000 in the coming days.</p>  
<h2 class="wp-block-heading" id="h-outlook-for-bitcoin-etfs-and-market-trends">Outlook for Bitcoin ETFs and Market Trends</h2>  
<p>Speculation <a href="https://cryptonewsland.com/sbfs-legal-battle-cryptocurrencys-crucible-of-justice/" target="_blank" rel="noopener noreferrer nofollow">about the next US election</a> led to a recent surge in the price of Bitcoin, which jumped from $59,000 to $69,130 between October 11 and October 21. Meanwhile, all spot Bitcoin ETFs have seen $21.2 billion of inflows.</p>  
<p>The Grayscale Bitcoin Trust, which faces over $20 billion in outflows. Meanwhile, IBIT is the largest Bitcoin ETF and ranks third in inflows for any <a href="https://www.etf.com/topics/us" target="_blank" rel="noopener noreferrer nofollow">US-listed ETF</a> this year, after only Vanguard and BlackRock's S&amp;P 500 index funds.</p>  
<h2 class="wp-block-heading" id="h-economic-aspects-affect-extended-market-attitude">Economic Aspects Affect Extended Market Attitude</h2>  
<p>The Congressional Budget Office <a href="https://t.me/nwsmkr/10656?single" target="_blank" rel="noopener noreferrer nofollow">projects</a> that the U.S. economy may expand enough by 2034 to balance debt issues, with GDP expected to surpass $27 trillion in 2024 and public debt reaching $26.2 trillion. The government debt is still a problem, though, as interest payments are expected to surpass $1 trillion. Nevertheless, economic expansion is expected to temporarily offset the growing debt.</p>   
<p>The post <a href="https://cryptonewsland.com/blackrocks-bold-332m-bitcoin-buy-fuels/" rel="noopener noreferrer nofollow">BlackRock’s Bold $332M Bitcoin Buy Fuels ETF Dominance Amid Market Dips</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

BlackRock’s Bold $332M Bitcoin Buy Fuels ETF Dominance Amid Market Dips

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