BlackRock IBIT sees largest single day inflow ever

BlackRock’s spot Bitcoin ETF achieved a record daily inflow on October 30, seeing $872 million in investments. This surge, which helped push U.S. spot Bitcoin ETF holdings over the 1 million BTC threshold, is a milestone for institutional Bitcoin investment. It also aligns with a broader six-day inflow streak across 12 U.S. Bitcoin ETFs, which collectively brought in $893.21 million in one day alone, marking the second-largest inflow after the $1.045 billion in March.

• BlackRock’s iShares Bitcoin Trust led with $872 million in inflows on October 30, surpassing its March record.
• The collective holdings of U.S.-based Bitcoin ETFs crossed 1 million BTC, led by BlackRock, Grayscale, and Fidelity.
• The market interest is partly fueled by speculations around the upcoming U.S. presidential election and possible pro-crypto policies.

Bloomberg ETF analyst Eric Balchunas highlighted the importance of BlackRock’s record inflow, noting it contributed to surpassing the 1 million BTC mark. “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,” he said. Balchunas’ comments reflect heightened institutional attention to Bitcoin, especially ahead of Election Day, with Republican nominee Donald Trump’s pro-crypto stance creating additional interest. Trump has previously pledged to make the U.S. “the crypto capital of the planet,” while Democratic Vice President Kamala Harris supports a regulatory framework for the industry.

Src: The Block

Other ETFs also saw gains on October 30, with Fidelity’s FBTC bringing in $12.57 million, ARK 21Shares’ ARKB recording $7.18 million, and Grayscale Bitcoin Mini Trust receiving an additional $7.96 million. Smaller contributions came from Invesco’s BTCO, Valkyrie’s BRRR, and VanEck’s HODL, while Bitwise’s BITB reported an outflow of $23.89 million.

The Bitcoin ETF market’s significant inflows have positively impacted Bitcoin’s price, with some analysts suggesting it may reach new all-time highs. Bitcoin was trading at $72,289 as of October 30, and Bitfinex analysts forecast a potential rally to $80,000 by the end of 2024. This projection is influenced by current options structures and the possibility of a Republican victory, which some see as a bullish factor for Bitcoin.

However, others remain cautious. Some analysts describe the current momentum as a “Trump hedge,” attributing the rally more to political speculation than underlying macroeconomic strength. This perspective suggests that while institutional interest is bolstering Bitcoin, a sustainable new high might require more favorable economic conditions beyond the election-driven optimism.