Bitcoin ETF Inflows Fueled By Factors Including Possible Donald Trump Election Win

The surge in inflows marks the largest single-day inflow for BlackRock's IBIT since its inception in January, surpassing the previous high of $849 million set in March.

BlackRock’s (NYSE:BLK) iShares Bitcoin Trust (IBIT) saw a record net inflow of $872 million on Oct. 30 as the total BTC held by U.S. Bitcoin ETF (exchange-traded fund) products closed in on the 1.1 million held by Bitcoin creator Satoshi Nakamoto.

In total, U.S. Bitcoin ETFs saw nearly $900 million in inflows on Wednesday alone, with Bloomberg ETF analyst Eric Balchunas saying they are gobbling up BTC “like Pac-Man on a bender.”

Ok we gonna need to move up our predictions as yest alone the btc ETFs gobbled up over 12k coins like Pac-Man on a bender, now hold 996k btc- good chance to pass 1 million held today (as the ridic volume yest likely to translate to big flows tonight). Legit shot to get to Satoshi by… https://t.co/Ua9GzhsBwE pic.twitter.com/84bBprhi6I

— Eric Balchunas (@EricBalchunas) October 30, 2024

The surge in inflows marks the largest single-day inflow for BlackRock’s IBIT since it began trading in January, with the previous high being $849 million in March. This comes as part of a broader trend that has seen U.S Bitcoin ETFs collectively amass $72.46 billion worth of BTC in less than nine months.

Balchunas said the recent inflows into BTC ETFs are being fueled by several factors, including the anticipation of a pro-crypto outcome in the upcoming U.S. presidential election and central banks’ global shift toward reducing interest rates.

“US spot ETFs are scheduled to hit 1 million bitcoin held by next Wed and pass Satoshi by mid-December (before their first birthday, amazing),” Balchunas said on X. ”If prices keep going up, Trump wins, we could see FOMO kick in, and it all happens faster.”

COUNTDOWN: US spot ETFs are scheduled to hit 1 million bitcoin held by next Wed and pass Satoshi by mid-December (before their first birthday, amazing). They’ve been adding about 17k btc a week. That said, anything can happen, eg a violent selloff and all this is delayed albeit… pic.twitter.com/lsU1xSP2Zd

— Eric Balchunas (@EricBalchunas) October 29, 2024

The record-breaking inflows have also seen BlackRock’s IBIT emerge as a dominant force in the Crypto ETF market, outpacing its competitors by a significant margin. Balchunas said that IBIT crossed the $30 billion mark in assets.

Also $IBIT has crossed the $30 billion mark in assets after monster flows and price appreciation yesterday. It hit this milestone in just 293 days, an all time record. The old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal… pic.twitter.com/rUskhqhW7b

— Eric Balchunas (@EricBalchunas) October 30, 2024

This means that BlackRock’s IBIT now holds 41.4% of all the BTC that has been accumulated by ETFs since they began trading in January.

The price of Bitcoin rose by 0.4% in the past 24 hours to trade at $72,616 at 07:00 a.m. EST, according to CoinGecko.

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