Chand Jalne Laga
BlackRock’s spot Bitcoin exchange-traded fund (ETF) has seen its largest inflow day since its launch in January, coinciding with a surge in crypto markets. On October 30, the BlackRock spot Bitcoin ETF (IBIT) recorded inflows of $875 million, according to CoinGlass data. This surpasses its previous record of $849 million from March 12 and marks the thirteenth consecutive day of inflows, totaling around $4.08 billion during this period.
Traders are buzzing with speculation that a billion-dollar inflow day may soon be on the horizon. “I said billion-dollar inflows; it was NOT a joke,” crypto trader Trading Axe remarked to their 70,300 followers. Another trader, Cozy The Caller, suggested that inflows could exceed $1 billion on the day Bitcoin breaks its all-time high.
On October 30, total inflows across all U.S. spot Bitcoin ETFs reached $896.30 million, with BlackRock’s performance significantly outpacing the other ten U.S.-listed spot Bitcoin ETFs, which collectively brought in just $21.3 million. The Fidelity Wise Origin Bitcoin Fund (FBTC) followed with $12.6 million, while the Bitwise Bitcoin ETF (BITB) experienced outflows of $23.9 million.
At the time of reporting, Bitcoin was trading at $72,410, just 1.7% shy of its all-time high of $73,679 reached on March 13. Many analysts believe that the upcoming U.S. presidential election on November 5 could serve as a catalyst for Bitcoin to surpass its previous peak. Swyftx lead analyst Pav Hundal noted that a potential Donald Trump victory could provide a significant boost to market sentiment.
On October 29, IBIT’s daily trading volume hit $3.35 billion, the highest since April 1, with Bloomberg ETF analyst Eric Balchunas attributing the surge to “FOMO” among market participants. Additionally, reports indicated that U.S. spot Bitcoin ETFs might soon collectively reach a total of 1 million Bitcoin in holdings.
