Bitcoin ETFs Record $870 Million in Inflows, BTC Heads to the Top

Spot bitcoin exchange-traded funds (ETFs) listed in the US recorded net inflows of over $870 million yesterday. The inflow was the third highest the products have recorded since their launch in January.

According to SoSoValue data, BlackRock’s IBIT received inflows of over $629 million. IBIT is followed by Fidelity’s FBTC with 133 million dollars, Bitwise’s BITB with 52 million dollars, Grayscale’s mini bitcoin trust with 29 million dollars, VanEck’s HODL with 16 million dollars and 12 million dollars. Ark’s ARKB followed.

Grayscale’s Bitcoin Trust (GBTC) was the only ETF to record a net outflow of $17 million. The total transaction volume exceeded $4.75 billion, the highest level since March, and $3.3 billion of this volume was covered by IBIT alone.

Demand for the ETF emerged as bitcoin approached all-time highs late yesterday, strengthening ahead of the US elections, which investors see as a harbinger of near-term volatility. Some analysts are targeting the $80,000 price level for November, regardless of who wins the election. Options betting in this price range has seen a significant increase since last week.

BTC rose 3% yesterday, bringing its seven-day gain to 7.7% and leading the market higher.

Bloomberg ETF analyst Eric Balchunas predicts that inflows will increase in the coming days thanks to “FOMO”. FOMO (fear of missing out) can be defined as investors’ fear of missing opportunities in the market.

In his statement on He added: “If there is a FOMO frenzy going on, volume may pick up occasionally. Given the rise in price over the last few days, I foresee it registering more entries this week.”

High inflows in ETFs are a measure of investors’ confidence or interest in the underlying asset. Although inflows do not directly cause the value of the ETF’s underlying assets to increase, the resulting buying pressure could lead to a price increase in the near term due to supply and demand dynamics and increased sentiment among traders.