IBIT sees inflows amid easing of Bitcoin selling pressure

BlackRock's IBIT spot bitcoin ETF (exchange-traded fund) helped funds maintain their streak of daily inflows as analysts at crypto exchange Bitfinex say btc selling pressure is cooling.

Data of <a target="_blank" href="https://farside.co.uk/btc/#google_vignette”>Far Side Investors shows that IBIT recorded net inflows of $596.1 million yesterday, bringing the funds' collective net inflow streak to three days.

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ARKB bitcoin ETF Suffers Over $200 Million in Net Outflows

Ark's ARKB was the US announcement. bitcoin ETF that recorded the largest outflows on January 7, with $212.6 million withdrawn from the fund's reserves. This was after investors poured $152.6 million into the ETF the previous day. Grayscale's GBTC recorded the second largest outflow of funds of the day, with $125.4 million withdrawn from the fund.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”12.48″>

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗘𝗧𝗙 𝗙𝗹𝗼𝘄 (𝗨𝗦$ 𝗺𝗶𝗹𝗹𝗶𝗼𝗻) – 2025-01-07

TOTAL NET FLOW: 52.4

IR: 596.1
FBTC: -86.3
BITB: -113.8
ARKB: -212.6
BTCO: 0
EZBC: -5.6
BRRR: 0
HODL: 0
BTCW: 0
GBTC: -125.4
btc: 0

For full details and disclaimers, please visit:https://t.co/Wg6Qpn0Pqw

– Farside Investors (@FarsideUK) <a target="_blank" href="https://twitter.com/FarsideUK/status/1876863726650822932?ref_src=twsrc%5Etfw”>January 8, 2025

Meanwhile, Bitwise's BITB recorded outflows of $133.8 million yesterday. Fidelity's FBTC and Franklin's EZBC suffered $86.3 million and $5.6 million, respectively. The rest of the ETFs did not register new flows on January 7.

Despite outflows from most funds, ETFs still saw inflows of $52.6 million during the day. This follows inflows of more than $900 million that the funds recorded on both January 3 and 6.

Bitfinex Analysts Say btc Selling Pressure Is Declining at a 'Rapid Rate'

The ETF flows seen yesterday come amid a broader crypto market correction, which has seen the combined valuation of the digital asset space fall by more than 6% in the past 24 hours. btc It plunged more than 5% from an intraday high of $102,022.56 to trade at $96,508.65.

Despite the sharp drop in the price of the leading cryptocurrency, Bitfinex analysts noted in a January 6 report markets report that selling pressure on btc is “reducing at a rapid pace.”

Analysts also said that the btc liquidity inventory index, which measures how long the supply of btc on exchanges can meet demand, has fallen bullishly from 41 months in October 2024 to just over 6.5 months. .

“This significant drop aligns with rallies seen in both the first and fourth quarters of 2024, indicating a tightening of available liquidity during periods of strong market activity,” the analysts said.

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