Balchunas Sees Bullish Pattern in IBIT Flow Data
Financial news writer Eric Balchunas has identified a bullish signal in the recent daily flow data for BlackRock's spot Bitcoin ETF (IBIT). According to Balchunas, the fund's flows last week formed a pattern he calls 'Flipping the Bird,' characterized by a taller middle bar flanked by smaller bars on either side.
This pattern is typically a positive indicator for the underlying asset. The 'Flipping the Bird' formation indicates a mid-week surge in inflows, surrounded by relatively lower activity. Balchunas emphasized that this pattern has historically preceded upward price action for Bitcoin.
The flow data comes on the heels of a robust week for digital asset ETFs. U.S. spot Bitcoin ETFs, including IBIT, saw net inflows of approximately $2 billion last week, while spot Ethereum ETFs attracted around $700 million.