BlackRock sees $184.4M inflow as Bitcoin ETF demand grows

Bitcoin (CRYPTO:BTC) holdings in the United States are rising, largely due to increasing demand for spot Bitcoin ETFs. 

According to CryptoQuant founder Ki Young Ju, America is regaining its position as a leader in Bitcoin holdings, driven by spot ETF demand. 

He noted that the US reserve ratio for Bitcoin has been climbing over the past year, though it has yet to return to the levels seen during Bitcoin's all-time high in March 2024.

On September 25, BlackRock’s IBIT saw its highest monthly inflow, with $184.4 million added to its spot Bitcoin ETF. 

Farside Investors provided preliminary data showing aggregate inflows of $106 million on the same day, marking the fifth consecutive trading day of inflows for spot Bitcoin ETFs. 

This brings the total across all spot ETFs to nearly $18 billion since their launch in January 2024.

Despite BlackRock’s positive numbers, other ETFs did not fare as well. 

Fidelity’s FBTC and Ark’s ARKB saw outflows of $33.2 million and $47.4 million, respectively. 

Bitwise (BITB) recorded a small inflow of $2.1 million, while Grayscale’s funds had no movement.

ETF Store President Nate Geraci commented on reports suggesting that Bitcoin ETF flows were drying up, stating, “It’s hard to say if these reports come from people who dislike Bitcoin or from those expecting continuous massive gains.”

In the broader market, Bitcoin has faced resistance at the $64,500 level multiple times in the past few weeks. 

Veteran trader Peter Brandt noted that Bitcoin remains in a pattern of lower highs and lower lows, suggesting that it needs to break above the $70,000 level to reverse the trend.

At the time of reporting, the Bitcoin price was $63,612.83.