BlackRock’s IBIT sees record $872m inflow amid 6-day Bitcoin ETF streak

On Oct. 30, BlackRock’s spot Bitcoin ETF recorded its highest single-day inflow since its January launch, adding to an ongoing streak of six daily inflows across 12 Bitcoin ETFs.

According to data from SoSoValue, 12 spot Bitcoin ETFs collectively recorded $893.21 million in inflows on October 30; This is second only to the $1.045 billion inflow recorded on March 12. 3 billion dollars.

Notably, BlackRock’s spot Bitcoin ETF led this rally with inflows of $872.04 million, surpassing the previous record of $849 million set in March for the iShares Bitcoin Trust.

Bitcoin ETF assets exceed 1 million BTC

Bloomberg ETF Analyst Eric Balchunas pointed out the importance of this increase, emphasizing that total spot Bitcoin ETF assets in the US have exceeded the 1 million BTC limit, which is an important milestone for Bitcoin ETFs in the US market.

“The largest daily inflow ever into Dollar IBIT is what pushed US spot ETFs over the 1 million Bitcoin holding limit,” Balchunas said.

US-based Bitcoin ETFs collectively purchased 12,418 Bitcoins on October 30, led by major players such as BlackRock, Grayscale, and Fidelity. The BlackRock ETF, the largest of the group, currently holds 429,129 BTC, while Grayscale manages 220,415 BTC and Fidelity has accumulated 188,592 BTC.

BlackRock’s fund has grown rapidly to $30.86 billion in assets; Nearly half of these assets were purchased last month, indicating increased institutional interest.

Beyond BlackRock, other ETFs also experienced significant inflows, including Fidelity’s FBTC at $12.57 million and ARK 21Shares’ ARKB at $7.18 million.

Meanwhile, Grayscale Bitcoin Mini Trust saw an inflow of $7.96 million, and Invesco’s BTCO, Valkyrie’s BRRR, and VanEck’s HODL were $7.18 million, $6.11 million, and $4 million, respectively. It generated $.07 million in revenue. The only outlier was Bitwise’s BITB, which reported an exit of $23.89 million.

With the total Bitcoin holdings of these ETFs now exceeding 1 million BTC, a new milestone is on the horizon: surpassing the estimated 1.1 million BTC believed to be held in the wallet of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.

The strong entry line has supported Bitcoin’s price, with industry experts speculating that continued institutional investment could push Bitcoin to all-time highs. Just a month after their launch in January, US-based spot Bitcoin ETFs contributed nearly 75% of new Bitcoin investments, pushing its price above $50,000.

As of October 30, Bitcoin (BTC) was trading around $72,289, with Bitfinex analysts predicting a potential rise to $80,000 by the end of 2024. This prediction is based on the option structure of the market and the possibility of Republicans winning in the coming period. US presidential elections are factors seen as bullish for Bitcoin.

But not all experts agree on a guaranteed new high for Bitcoin. Some analysts describe the current rally as a “Trump hedge,” a speculative move tied to potential political shifts, rather than a rise driven by macroeconomic fundamentals.

This perspective suggests that while Bitcoin benefits from increased institutional interest, it may need more supportive macroeconomic conditions to sustain and reach all-time highs.