On Monday, BlackRock’s record-breaking iShares Bitcoin Trust (IBIT) managed to attract an incredible $224 million worth of inflows.
Net inflows for August 26 amount to $202 million. Aside from BlackRock’s IBIT, Franklin Bitcoin ETF (EZBC) and WisdomTree Bitcoin Fund (BTCW) are in positive territory with inflows of $5.5 million and $5.1 million, respectively.
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Ark 21Shares Bitcoin ETF (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), Coinshares Valkyrie Bitcoin Fund ETF (BRRR) and Grayscale products recorded no net inflows on Monday.
Meanwhile, Bitwise Bitcoin ETF (BITB) saw significant 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 downward pressure
Despite the significant inflows into BlackRock, Bitcoin price continues to face downward pressure, currently trading for $63,191, down 1.3% over the past 24 hours, according to CoinGecko data.
As cryptocurrency analytics platform Santiment noted, the Bitcoin price drop caused a 7.5% drop in open interest. By comparison, major altcoins have seen only a minor decline in open interest.
The term “open interest” refers to the total value of all outstanding derivative contracts.
According to Santiment, the sudden drop in open interest could indicate that traders have started turning to altcoins.
As reported by U.TodayBitcoin dominance is now approaching another multi-year high.
