BlackRock’s spot Bitcoin exchange-traded fund (ETF) saw its highest single-day inflow since its launch in January, with $875 million flooding into the fund on October 30, according to CoinGlass data. This marked a significant milestone for BlackRock’s IBIT ETF and underscored a growing wave of enthusiasm as Bitcoin nears its all-time high (ATH). The record-setting day comes amidst a 13-day streak of consecutive inflows for the ETF, totaling $4.08 billion — a sign of increased investor confidence and a major vote of confidence in the crypto market.
What’s Fueling The BlackRock Bitcoin ETF Inflows?
The recent surge in BlackRock’s Bitcoin ETF inflows has investors buzzing, with speculation running high that the fund could see a billion-dollar inflow day soon. According to crypto trader Trading Axe, who posted to their 70,300 followers on X (formerly Twitter), “I said billion dollar inflows, it was NOT a joke.” Similarly, another crypto trader, Cozy The Caller, suggested that a $1 billion inflow could occur when Bitcoin breaks its previous ATH, forecasting a spike in investor excitement.
October 30’s inflows shattered IBIT’s prior record of $849 million, set on March 12, and eclipsed the inflows of the other 10 U.S.-listed spot Bitcoin ETFs. By comparison, Fidelity’s Wise Origin Bitcoin Fund secured $12.6 million, while the Bitwise Bitcoin ETF saw outflows of $23.9 million. BlackRock’s ETF remains a standout, signaling that institutional investors see significant value in Bitcoin’s current trajectory and prefer IBIT as their investment vehicle of choice.
Market Momentum – Bitcoin Approaches Its All-Time High
As of publication, Bitcoin’s price stood at $72,410, just shy of its March 13 ATH of $73,679. The approach of Bitcoin to its ATH is generating a mix of FOMO (fear of missing out) and excitement among traders and institutions alike. This recent price rally has spurred a massive influx into Bitcoin funds as investors aim to capitalize on the potential for a breakout.
Some analysts anticipate the upcoming U.S. presidential election could play a role in propelling Bitcoin to new highs. According to Pav Hundal, Swyftx’s lead analyst, a Donald Trump victory in the November 5 election “would likely provide a dopamine hit” to the markets, potentially triggering further inflows into Bitcoin. The election’s potential influence on financial markets could be one factor in why investors are hedging their bets on the leading cryptocurrency.
Record-Breaking Volume and FOMO Fueled by Market Sentiment
In a sign of the growing appetite for Bitcoin exposure, IBIT recorded its highest daily trading volume of $3.35 billion on October 29 — its most active day since April 1. Bloomberg ETF analyst Eric Balchunas attributed the surge to a palpable FOMO among investors, who appear increasingly eager to gain exposure to Bitcoin as its price rises. This shift suggests that market sentiment is swinging back in favor of Bitcoin, with BlackRock’s ETF seeing the benefits.
Reports indicate that all U.S. spot Bitcoin ETFs may soon collectively hold 1 million Bitcoin, a milestone that would underscore institutional support for cryptocurrency. For BlackRock, the market leader in ETF inflows, these numbers mark a validation of its foray into the Bitcoin space.
Also Read: BRICS Bitcoin Adoption – Why 3 New Member Countries Are Betting On BTC Mining For Global Trade
As Bitcoin edges closer to its ATH, traders and analysts are watching for signs of further inflows and price increases. With Bitcoin’s recent momentum and BlackRock’s ETF seeing such massive interest, the possibility of a billion-dollar inflow day appears increasingly likely. Investors continue to flock to the IBIT ETF, drawn by its performance and BlackRock’s reputation.
While the market awaits the impact of the U.S. election, BlackRock’s Bitcoin ETF appears poised to capitalize on both investor sentiment and Bitcoin’s resilience. As more institutional money flows into the crypto space, BlackRock’s role in shaping the future of Bitcoin investment seems more significant than ever.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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