Bitcoin Fails to Rally Despite Blackrock Buying $531 Million, AI Altcoins TAO & ALGT Shine Instead

In a surprising twist, Bitcoin (BTC) has failed to rally despite a significant $531 million investment by Blackrock.This surprising development has left many investors puzzled, especially given the typically bullish impact of such large institutional investments.

While Bitcoin struggles to gain momentum, the spotlight has shifted to AI-powered altcoins Bittensor (TAO) and Algotech (ALGT). These innovative cryptocurrencies have experienced impressive surges, capturing the attention of the crypto community. In this article, we dig into the reasons behind Bitcoin (BTC)’s lackluster performance and explore the factors driving the success of TAO and ALGT.

BlackRock ishares BTC Trust (IBIT) leads spot Bitcoin ETFs to record inflows

Bitcoin fails to rally despite blackrock buying $531 million. BlackRock iShares Bitcoin (BTC) Trust (IBIT) recently led other Spot Bitcoin ETFs to their highest daily net inflows in almost two months. This development is significant for ETFSwap (ETFS), considering the potential for substantial fund flows through its ecosystem when its beta platform launches soon.

Data from Farside Investors shows that BlackRock accounted for most of the Spot Bitcoin (BTC) ETFs’ inflows on July 16, with $260.2 million flowing into its IBIT Spot Bitcoin (BTC) ETFs. The Spot ETFs witnessed a cumulative total net inflow of $422.5 million on the day, their highest in almost two months.

Increased demand for spot Bitcoin ETFs

Besides BlackRock, seven other Spot Bitcoin (BTC)ETFs witnessed individual net inflows. Fidelity’s FBTC recorded the most inflows after BlackRock, with $61.1 million entering the Spot Bitcoin ETF. Ark Invest, Invesco, and Bitwise’s Spot Bitcoin ETFs followed BlackRock and Fidelity with net inflows of $29.8 million, $20.5 million, and $17.3 million, respectively.

BlackRock and other Spot Bitcoin ETF issuers have seen increased demand for their respective funds as institutional investors bought the dip following Bitcoin’s (BTC) recent downtrend. It is worth mentioning that BlackRock is still well ahead of the other Spot Bitcoin (BTC) ETFs, having recorded the most inflows to date.

Bittensor unveils graphite subnet to solve the traveling salesman problem

Bittensor (TAO), a decentralized machine learning network, has gained attention following the introduction of its new subnet, Graphite, which aims to address the Traveling Salesman Problem. The project is powered by the cryptocurrency Bittensor (TAO).

Notably, investor Chamath Palihapitiya has expressed interest in Bittensor (TAO), encouraging others to explore the project. His involvement has sparked discussions within the crypto community, particularly regarding the potential impact of his endorsement on Bittensor (TAO)’s visibility and market performance.

Recent engagement metrics indicate that content related to Bittensor (TAO) has garnered significant viewership, with some episodes reaching 250,000 views, suggesting a growing interest in the project.

AI Altcoins TAO & ALGT outshine Bitcoin despite BlackRock’s investment

Despite BlackRock buying $531 million worth of Bitcoin, the cryptocurrency failed to rally. Instead, AI altcoins ALGT and TAO have captured investor interest. Investors are closely watching Algotech (ALGT), which has raised nearly $10 million in its presale, reflecting strong investor confidence. Projections suggest ALGT could reach $1 shortly after its official launch.

Algotech (ALGT) is capitalizing on the rapidly growing algorithmic trading industry. Algorithmic trading, or algo trading, uses computer programs and predefined rules to automate trading decisions, eliminating human inconsistencies and biases.

Algotech offers a decentralized algorithmic trading platform, providing transparency and accessibility through blockchain technology. Traders can utilize various algorithms, automated strategies, and risk management tools tailored to their risk tolerance.

With Algotech, traders can backtest strategies on historical data before deploying them live. Once a strategy is selected, Algotech’s advanced algorithms execute trades automatically based on predefined rules, making high profitability accessible to a broader audience.