BlackRock’s Spot Bitcoin ETF (IBIT) Breaks Volume Slump: What’s Next?
BlackRock’s Bitcoin ETF Sees Volume Surge Amid Growing Investor Interest
Positive Momentum for IBIT ETF
BlackRock’s spot Bitcoin exchange-traded fund (ETF), trading under the ticker IBIT on Nasdaq, experienced a notable increase of 3.49% last week, breaking a four-week decline in trading activity.
Trading Volume Increases Significantly
During the week ending June 27, trading volume for IBIT reached 210.02 million shares, reflecting a 22.2% rise from the previous week’s total of 171.74 million shares, as reported by TradingView. This marks the first week of volume growth since mid-May.
Strong Investor Inflows
The uptick in trading volume coincides with heightened demand for the ETF. Last week, IBIT recorded a net inflow of $1.31 billion, surpassing the prior week’s inflow of $1.23 billion. This month alone, the fund has attracted a total of $3.74 billion in investments, according to SoSoValue.
Broader Market Trends
Across the U.S., the 11 spot ETFs have collectively seen over $4 billion in net inflows this month, indicating a sustained positive trend for three consecutive months.
Technical Analysis of IBIT
A recent chart analysis reveals that IBIT has formed a bull flag pattern, paralleling a similar bullish trend observed in the spot Bitcoin price chart. Should a breakout occur, it could signal a continuation of the bullish momentum that began in early April when prices were around $42.98.
