On Monday, the iShares Bitcoin Trust (IBIT), offered by BlackRock, achieved remarkable success by attracting a staggering $224 million in inflows. As the leading contender in the Bitcoin exchange-traded fund (ETF) arena, IBIT’s net inflows on August 26 alone accounted for $202 million. Additional contributions to the sector include the Franklin Bitcoin ETF (EZBC) and the WisdomTree Bitcoin Fund (BTCW), which saw inflows of $5.5 million and $5.1 million, respectively.

In contrast, several other Bitcoin ETFs, including the Ark 21Shares Bitcoin ETF (ARKB), the Invesco Galaxy Bitcoin ETF (BTCO), and the Coinshares Valkyrie Bitcoin Fund ETF (BRRR), reported stagnant net flows on the same day, while the Bitwise Bitcoin ETF (BITB) experienced notable outflows totaling $16.6 million. Moreover, the Fidelity Wise Origin Bitcoin Fund (FBTC) and the VanEck Bitcoin ETF (HODL) also fell into negative territory, with outflows of $8.3 million and $7.2 million, respectively.

Despite these impressive inflows, the price of Bitcoin remains under significant bearish pressure. Current data from CoinGecko indicates that Bitcoin is trading at $63,191, reflecting a decline of 1.3% over the previous 24 hours. Analysis from the cryptocurrency analytics platform Santiment highlights that this decrease in price has coincided with a 7.5% reduction in open interest, a metric representing the total value of outstanding derivatives contracts. Comparatively, major altcoins have experienced relatively minimal declines in their open interest levels.

Santiment’s findings suggest that traders may be shifting their focus towards altcoins, potentially fleeing from Bitcoin amidst this price volatility. Furthermore, it is noteworthy that Bitcoin dominance continues to approach a multi-year high, indicating persistent investor interest in the original cryptocurrency despite current market challenges.

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