BlackRock’s spot Bitcoin exchange-traded fund (ETF), known as IBIT, has achieved record inflows, totaling $875 million on October 30. This milestone marks the highest single-day inflow since the ETF’s launch in January, according to data from CoinGlass. The recent surge in the cryptocurrency market has fueled investor interest, leading to significant capital inflow.
This latest figure surpasses IBIT’s previous record of $849 million, set on March 12, highlighting a robust performance for the ETF. Notably, this is the thirteenth consecutive day of inflows for IBIT, amassing approximately $4.08 billion during this period. Traders are eagerly speculating that a billion-dollar inflow day may be on the horizon, reflecting a growing optimism in the market.
As interest grows, BlackRock’s performance outshines the other ten US-listed spot Bitcoin ETFs, which collectively brought in only $21.3 million in inflows. The Fidelity Wise Origin Bitcoin Fund (FBTC) secured the second position with $12.6 million in inflows, while the Bitwise Bitcoin ETF (BITB) faced outflows of $23.9 million.
As of publication, Bitcoin is trading at $72,410, just 1.7% below its all-time high of $73,679, reached on March 13. Analysts believe that the upcoming US presidential election on November 5 could be a pivotal factor for Bitcoin’s price, potentially driving it above its previous high.
Swyftx’s lead analyst, Pav Hundal, suggested that a victory for Donald Trump could provide a significant boost to Bitcoin prices. On October 29, IBIT’s trading volume hit $3.35 billion, indicating heightened market activity and reflecting what Bloomberg ETF analyst Eric Balchunas termed “FOMO” (fear of missing out) among traders.
In summary, BlackRock’s IBIT ETF has made significant strides amid a rally in the cryptocurrency market, and with the prospect of increasing inflows and the influence of upcoming events, Bitcoin’s trajectory remains a key focus for investors.