BlackRock's iShares Bitcoin Trust Sees Major Inflows

In a notable development for the cryptocurrency market, BlackRock (NYSE:BLK)'s iShares Bitcoin Trust (IBIT) has observed its largest weekly net flows since March 2024, when Bitcoin peaked at approximately $74,000.

CryptoQuant CEO Ki Young Ju highlighted this trend in a recent tweet, stating, "BlackRock’s IBIT recorded the highest weekly net flows since March 2024. $2.11 billion flowed into the Bitcoin market."

Over the past week, BlackRock's Bitcoin fund experienced unprecedented net inflow, with $872 million directed into the iShares Bitcoin Trust exchange-traded fund (ETF) on Wednesday, marking a daily record. This inflow set a new benchmark for the highest amount ever recorded for the fund since its inception.

Bitcoin briefly surged to $73,624 last Tuesday but then faced six consecutive days of decline. By Sunday, Bitcoin had dropped to lows of $67,444, although it attempted a slight recovery, increasing by 0.52% to $68,308 at the time of writing. Meanwhile, most other major digital assets were experiencing minor losses, with a few showing small gains.

Upcoming Volatility in the Crypto Market

This week may prove critical for the cryptocurrency market, with significant events on the horizon. Investors are closely monitoring the Federal Reserve's interest rate decision during its upcoming policy meeting on Thursday. Comments from Fed Chair Jerome Powell following the announcement could provide insights into the Fed's economic outlook and interest rate projections.

Traders are currently pricing in a 99% chance of a quarter-point interest rate decrease, per the CME Group's FedWatch tool, following a notable 50-basis-point rate cut in September. Prior to the Fed's decision, investors will also be watching for further economic data on Monday and Tuesday.

This article was originally published on U.Today.