Degen

BlackRock’s Bitcoin ETF saw $597 million in inflows on Tuesday, helping to stabilize the market amid a cryptocurrency market crash. This is the third consecutive positive inflow for U.S. spot Bitcoin ETFs.

While Bitcoin fell to $96,259, BlackRock bought 6,078 Bitcoins worth $208.7 million. In contrast, other Bitcoin ETFs such as Fidelity, Bitwise, and Ark Invest saw outflows.

Despite strong U.S. economic data that led to higher interest rates and pressure on the cryptocurrency market, BlackRock’s ETF showed that investors remain confident in the vehicle. Inflows into the ETFs totaled $52.4 million.