BlackRock’s Spot Bitcoin ETF (IBIT) Snaps Four-Week Downtrend in Volumes

BlackRock’s spot bitcoin

exchange-traded fund (ETF) listed on Nasdaq underneath the ticker IBIT rose 3.49% final week, snapping a four-week downtrend in buying and selling volumes.

A complete of 210.02 million shares modified arms in the week ended June 27, registering a 22.2% progress from the previous week’s quantity tally of 171.74 million shares, based on information supply TradingView. That’s the primary weekly progress for the reason that third week of May.

The renewed upswing in quantity comes amid continued demand for the ETF. Last week, IBIT registered a web influx of $1.31 billion, following the previous week’s tally of $1.23 billion. The largest publicly listed fund has amassed $3.74 billion in investor cash this month, based on information supply SoSoValue.

The 11 spot ETFs listed in the U.S. have collectively registered a web influx of over $4 billion this month, marking the third consecutive month-to-month influx.

The chart exhibits that IBIT has shaped a bull flag, mimicking the bullish continuation sample on the spot BTC value chart.

A breakout, if confirmed, would sign an extension of the bull run from early April lows close to $42.98.