On October 30, BlackRock’s spot Bitcoin ETF experienced its highest single-day inflow since its launch in January, contributing to a six-day streak of inflows across 12 Bitcoin ETFs.
Data from SoSoValue indicates that these ETFs collectively attracted $893.21 million in inflows on that date, second only to the $1.045 billion recorded on March 12. Over the past six days, total net inflows have surpassed $3 billion.
Leading this surge, BlackRock’s ETF garnered $872.04 million, breaking its own record of $849 million previously set by the iShares Bitcoin Trust in March.
Notably, this influx brought total U.S. spot Bitcoin ETF holdings past the 1 million BTC mark, a significant milestone for the sector. Bloomberg ETF Analyst Eric Balchunas remarked, “Pretty apropos that the biggest daily inflow ever for $IBIT is what pushed the U.S. spot ETFs over the 1 million Bitcoin held mark.”
On October 30 alone, U.S.-based Bitcoin ETFs acquired 12,418 BTC, with BlackRock, Grayscale, and Fidelity as the leading players. Currently, BlackRock’s fund holds 429,129 BTC, Grayscale manages 220,415 BTC, and Fidelity has accumulated 188,592 BTC.
BlackRock’s ETF has rapidly expanded to $30.86 billion in assets, with nearly half amassed in just the last month, reflecting a surge in institutional interest. Other ETFs also reported significant inflows: Fidelity’s FBTC attracted $12.57 million, ARK 21Shares’ ARKB saw $7.18 million, and Grayscale Bitcoin Mini Trust recorded $7.96 million. In contrast, Bitwise’s BITB faced an outflow of $23.89 million.
With combined Bitcoin holdings of these ETFs now exceeding 1 million BTC, a new milestone approaches: surpassing the estimated 1.1 million BTC believed to be held by Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
This influx has positively impacted Bitcoin’s price, leading industry experts to speculate that ongoing institutional investment could drive Bitcoin to new all-time highs. Since their January launch, U.S.-based spot Bitcoin ETFs have accounted for approximately 75% of new Bitcoin investments, helping lift prices beyond the $50,000 threshold.
As of October 30, Bitcoin was trading at around $72,289, with Bitfinex analysts predicting a potential rally to $80,000 by the end of 2024. This forecast hinges on the market’s options structure and the possibility of a Republican win in the upcoming U.S. presidential election, factors seen as bullish for Bitcoin.
However, not all analysts share an optimistic outlook on Bitcoin’s trajectory. Some describe the current rally as a “Trump hedge,” suggesting it may be more influenced by speculative political shifts than by solid macroeconomic fundamentals. This perspective implies that while institutional interest is on the rise, Bitcoin may need additional favorable economic conditions to maintain its momentum and reach all-time highs.
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