CoinDesk Analysis Team
CoinDesk
-
BlackRock's IBIT registered the highest single-day inflow since March.
-
BTC failed to break out of a key price resistance level.
BlackRock's iShares Bitcoin Trust (IBIT), a Nasdaq-listed exchange-traded fund (ETF) closely tracking the cryptocurrency's spot price, drew in $526.7 million in investor funds on Monday, preliminary data published by Farside Investors show.
That's the highest single-day tally since March, according to data source Coinglass. Since its inception on Jan. 11, BlackRock alone has drawn in nearly $19.5 billion in investor funds.
On Monday, the remaining 10 U.S-listed ETFs fell out of investor favor, attracting a net inflow of just $6.9 million.
Bitcoin (BTC) briefly topped the $68,000 mark on Monday, reaching its highest level in over a month. The bullish move happened amid a rumor that pro-crypto Republican U.S. presidential candidate Donald Trump would announce a bigger role for BTC in the financial system at the Nashville Bitcoin conference later this month.
The buyers, however, failed to penetrate the trendline connecting March and April highs, paving the way for a renewed pullback. A similar failure to establish a foot hold above the resistance line in late May paved the way for a pull back to under $55,000.
As of writing, the cryptocurrency changed hands at $$66,440, representing a 1.8% drop on a 24-hour basis.
BTC turns lower from trendline resistance. (TradingView) (TradingView)
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Ripple stablecoin unlikely to invite legal trouble from SEC, says Ripple executive
Ripple, the native token of the XRP Ledger slipped under $0.60, a key psychological support for the altcoin. The two key market movers are the Securities & Exchange Commission’s lawsuit against Ripple and the upcoming stablecoin RealUSD (RLUSD).
Binance burns over $950 million in BNB, will price cross $700?
Binance Coin price is nearly unchanged in the past month. Data from TradingView shows BNB price is $585 at the time of writing. On-chain metrics support a thesis of gains in BNB, as social dominance and volume climbs this week.
Dogecoin price sets for a rally following retest of support level
Dogecoin price faces rejection at the 50% Fibonacci retracement. On-chain data shows that DOGE's development activity is growing, suggesting a bullish move ahead. A daily candlestick close below $0.1018 would invalidate the bullish move.
Mt.Gox transfers $2.85 billion in Bitcoin, what to expect from BRC-20, cat-themed meme coins
Bitcoin worth $2.85 billion was transferred by Mt.Gox, crypto traders anticipate heightened selling pressure on BTC. Bitcoin-related assets like BRC-20 tokens and cat-themed meme coins typically rally or suffer correction in price alongside BTC.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.