BlackRock Bitcoin ETF Sees Huge Inflow of $640 Million as BTC Breaks Above $73,000

The BlackRock iShares Bitcoin Trust (IBIT) saw a whopping $642.9 million in inflows on October 29, according to data from Farside.

It’s the biggest inflow since March 12, bringing the total net inflow across all funds to $870.1 million, the highest since June 4.

Bloomberg ETF analyst Eric Balchunas noted that the fund also saw its biggest day of trading volume in six months, with $3.3 billion traded.

Typically, ETF volume spikes occur in dips, he added, before commenting on the rise in BTC spot prices over the past few days, adding: “I guess that’s the last one, which means looking for (more) big tickets this week.”

$IBIT traded $3.3m today, biggest number in 6 months, which is a bit strange, bc btc grew 4% (typically ETF volume spikes in a crash/crisis). Occasionally, the volume may increase if there is a frenzy of FOMO (a la $ARKK in 2020). Considering the price increase in the last few days, I guess this is… pic.twitter.com/z44ZfggHVm

— Eric Balchunas (@EricBalchunas) October 29, 2024

BlackRock Flows Total $25 Million

BlackRock’s total net inflow since the product’s launch in January is now $25 billion.

Fellow ETF Store analyst and president Nate Geraci commented that there are nearly 2,100 ETFs that have launched over the past five years. “With almost $25 billion in receipts, the IBIT is now number four in lifetime receipts for this group,” he said before exclaiming that “he did it in less than 10 months!”

Balchunas added that the BlackRock fund was not alone “as all major BTC ETFs saw high volume over the past two days.”

“If it’s a FOMO frenzy, we’ll see it show up in the streams over the next few nights,” he said, before adding that if not, it could be due to the arbitration negotiation.

All the suits that copied the ETF are now profiting and can start handing out IBIT to their other suit friends who just saw gold moving towards a price discovery. pic.twitter.com/4Du39UM6Sp

— Will (@WClementeIII) October 30, 2024

The Fidelity Bitcoin ETF (FBTC) saw the second largest inflow, with $133.9 million on October 29, while the Bitwise BITB fund saw $52.5 million in inflows.

There were minor entries for Ark 21Shares and VanEck, while the rest were nil. Grayscale saw an outflow of $17.3 million for its GBTC fund, but an inflow of $29.2 million for its lower-fee mini Bitcoin Trust (BTC).

Bitcoin broke above $73,000

The big institutional influx comes as bitcoin prices hit an all-time high. The asset reached $73,562 during late trading on Tuesday, October 29th, according to CoinGecko .

It has since pulled back to $72,500 at the time of writing, but remains up 3.5% on the day and just 1.7% off its March peak. Breaking into new price discovery now seems inevitable.

#BTC

This is a phenomenal Bull Flag breakout$BTC #Crypto #Bitcoin https://t.co/alT0ni11df pic.twitter.com/XQZnrhDiZT

— Rekt Capital (@rektcapital) October 29, 2024

Meanwhile, many of the large-cap altcoins, including Ethereum (ETH), Solana (SOL), and XRP (XRP), lagged behind with very little movement over the past 24 hours.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!