On October 30, BlackRock’s spot Bitcoin ETF achieved its highest single-day inflow since its January launch, contributing to a significant six-day inflow streak across twelve Bitcoin ETFs. According to data from SoSoValue, these ETFs collectively attracted $893.21 million in inflows on that day, marking the second-highest inflow ever recorded, just behind the $1.045 billion seen on March 12. This latest surge has brought the total net inflows for the ETFs to over $3 billion.
BlackRock’s ETF led the charge with an impressive inflow of $872.04 million, surpassing its previous record of $849 million for the iShares Bitcoin Trust set in March. Bloomberg ETF Analyst Eric Balchunas noted that this surge brought the total U.S. spot Bitcoin ETF holdings past the 1 million BTC mark, a significant milestone for the market.
On October 30, U.S.-based Bitcoin ETFs collectively acquired 12,418 BTC, with major players like BlackRock, Grayscale, and Fidelity leading the way. Currently, BlackRock’s fund holds 429,129 BTC, Grayscale manages 220,415 BTC, and Fidelity has accumulated 188,592 BTC. BlackRock’s rapid growth has propelled its assets to $30.86 billion, with nearly half of that total acquired in the past month, indicating heightened institutional interest.
Other ETFs also reported substantial inflows, including Fidelity’s FBTC, which attracted $12.57 million, and ARK 21Shares’ ARKB, which saw $7.18 million in inflows. Grayscale’s Bitcoin Mini Trust recorded $7.96 million, while Invesco’s BTCO, Valkyrie’s BRRR, and VanEck’s HODL garnered $7.18 million, $6.11 million, and $4.07 million, respectively. However, Bitwise’s BITB was the only ETF to report an outflow, totaling $23.89 million.
With the combined Bitcoin holdings of these ETFs now exceeding 1 million BTC, a new milestone is approaching: surpassing the estimated 1.1 million BTC believed to be held by Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
The robust inflow streak has positively impacted Bitcoin’s price, with market experts speculating that ongoing institutional investments could propel Bitcoin to new all-time highs. Following their January launch, U.S.-based spot Bitcoin ETFs accounted for approximately 75% of new Bitcoin investments, lifting the price above the $50,000 mark.
As of October 30, Bitcoin was trading around $72,289, with analysts from Bitfinex predicting a potential rally to $80,000 by the end of 2024. This forecast is based on the market’s options structure and the possibility of a Republican victory in the upcoming U.S. presidential election, factors perceived as bullish for Bitcoin.
However, not all analysts agree that a new high is guaranteed. Some describe the current rally as a “Trump hedge,” suggesting that the movement is speculative and tied to political changes rather than driven by macroeconomic fundamentals. This viewpoint implies that while Bitcoin is benefiting from increased institutional interest, further supportive macroeconomic conditions may be necessary to sustain its rise and reach an all-time high.
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