BlackRock's IBIT fund pushed $89.83 million into Bitcoin, single-handedly ending a four-day streak of net outflows from U.S. spot Bitcoin ETFs. The reversal lands as Bitcoin sits stuck between $63,000 and $66,000, with a hawkish Federal Reserve and climbing Treasury yields keeping a lid on the market.
U.S. spot Bitcoin ETFs snapped a four-day losing streak, pulling in $32.11 million in net inflows over the past day, according to SoSoValue data cited by U.Today. BlackRock's IBIT fund drove the entire turnaround, single-handedly bringing $89.83 million into Bitcoin even as rival funds kept losing money.
BlackRock's buying offsets a wider retreat
Fidelity's FBTC shed $43.08 million over the same session. Ark Invest's ARKB lost $14.62 million in the same period. Selling pressure across the group topped $57 million, but BlackRock's buying fully offset the losses and pushed the total back into positive territory. Spot Bitcoin ETFs now hold $77.46 billion in assets under management. That equals 6.08% of Bitcoin's total market capitalization.
Fed's hawkish split keeps Bitcoin boxed in
Bitcoin remains trapped between $63,000 and $66,000, in what the report calls a phase of local accumulation. A break below the $63,000 support level would open the door to a prolonged correction, while consolidation above $66,000 would return control to buyers.
The Federal Reserve kept interest rates unchanged at 3.50%-3.75%, a decision split by three votes calling for an immediate increase, removing any near-term talk of easing. The 30-year Treasury yield climbed to 5.23%, its highest level since 2008, pulling liquidity away from crypto. Analysts are also flagging negative seasonality ahead of August, pointing to price action that resembles past U.S. midterm election cycles such as 2022, when late summer brought a market decline.
Source: U.Today
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