On October 30, BlackRock’s spot Bitcoin ETF, known as IBIT, recorded a historic single-day inflow of $872.04 million. This milestone marks the highest inflow since the ETF’s launch in January and contributes to a broader six-day inflow streak observed across the 12 Bitcoin ETFs.
Data from SoSoValue indicates that these 12 spot Bitcoin ETFs collectively saw inflows of $893.21 million on October 30, a figure only surpassed by the $1.045 billion inflow recorded on March 12. This recent performance has propelled the total net inflows for these ETFs to over $3 billion.
The surge in inflows is particularly noteworthy as it pushes total U.S. spot Bitcoin ETF holdings past the significant milestone of 1 million BTC. Bloomberg ETF Analyst Eric Balchunas remarked on the significance of this achievement, stating, “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.”
On October 30, U.S.-based Bitcoin ETFs collectively acquired 12,418 Bitcoin, with major players like BlackRock, Grayscale, and Fidelity leading the influx. BlackRock’s ETF currently holds 429,129 BTC, making it the largest in the group, while Grayscale manages 220,415 BTC and Fidelity holds 188,592 BTC. The rapid growth of BlackRock’s fund is evident, with assets reaching $30.86 billion, nearly half of which was amassed over the past month, highlighting a significant increase in institutional interest.
Other ETFs also enjoyed substantial inflows, including Fidelity’s FBTC with $12.57 million and ARK 21Shares’ ARKB with $7.18 million. Grayscale’s Bitcoin Mini Trust recorded an inflow of $7.96 million, while Invesco’s BTCO, Valkyrie’s BRRR, and VanEck’s HODL attracted inflows of $7.18 million, $6.11 million, and $4.07 million, respectively. The only exception was Bitwise’s BITB, which reported an outflow of $23.89 million.
As the combined Bitcoin holdings of these ETFs now exceed 1 million BTC, the next milestone is the estimated 1.1 million BTC believed to be held in the wallet of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
This influx of institutional investment has positively impacted Bitcoin’s price, which was trading around $72,289 on October 30. Industry analysts are speculating that continued institutional interest could propel Bitcoin to new all-time highs. Just a month after their January launch, U.S.-based spot Bitcoin ETFs accounted for approximately 75% of new Bitcoin investments, contributing to a price rise above the $50,000 mark.
Looking ahead, analysts from Bitfinex forecast a potential rally to $80,000 by the end of 2024, driven by the market’s options structure and the prospect of a Republican win in the upcoming U.S. presidential election, both of which are viewed as bullish for Bitcoin.
However, some experts caution against assuming that a new all-time high is guaranteed. They describe the current rally as a “Trump hedge,” suggesting that it is influenced more by potential political shifts than by macroeconomic fundamentals. This perspective indicates that while Bitcoin is benefiting from heightened institutional interest, it may require further supportive macroeconomic conditions to sustain its momentum and reach new highs.
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