BlackRock's Spot Bitcoin ETF Sees Record-Breaking $875M Inflows, Eyes Billion-Dollar Day
- Barbara StreisandOriginal
- 2024-11-01 12:18:26664browse
BlackRock's spot Bitcoin ETF has experienced a record-breaking day of inflows, fueled by a crypto market rally.
BlackRock’s spot Bitcoin ETF has seen record-breaking inflows, fueled by a crypto market rally.
Data from CoinGlass shows that on October 30, the ETF, known as IBIT, experienced inflows reaching $875 million — its highest single-day total since launching on January 11.
Having now seen inflows for 13 consecutive days, IBIT has accumulated roughly $4.08 billion. This latest record surpassed IBIT’s previous peak of $849 million from March 12, with some traders speculating that a billion-dollar inflow day could be on the horizon.
Crypto trader Trading Axe, sharing with their 70,300 followers on social media platform X, reiterated their prediction, while trader Cozy The Caller suggested inflows could exceed $1 billion if Bitcoin breaks its all-time high.
Among the U.S.-listed spot Bitcoin ETFs, BlackRock’s IBIT led significantly, with combined inflows for the other ten ETFs totaling just $21.3 million. The Fidelity Wise Origin Bitcoin Fund (FBTC) took second place with $12.6 million, while the Bitwise Bitcoin ETF (BITB) saw outflows of $23.9 million.
As of now, Bitcoin is trading at $72,410, only 1.7% below its record high of $73,679. Analysts are keeping a close eye on the upcoming U.S. presidential election on November 5, with some, like Swyftx’s lead analyst Pav Hundal, suggesting a Trump victory could give Bitcoin a boost.
Additionally, IBIT’s trading volume reached $3.35 billion on October 29, its highest since April, a trend that Bloomberg ETF analyst Eric Balchunas attributed to FOMO among investors.
In the near future, U.S. spot Bitcoin ETFs may collectively hold 1 million Bitcoin, as demand continues to surge.
The above is the detailed content of BlackRock's Spot Bitcoin ETF Sees Record-Breaking $875M Inflows, Eyes Billion-Dollar Day. For more information, please follow other related articles on the PHP Chinese website!