BlackRock’s Spot Bitcoin ETF sees biggest inflow since July at $393.4 million

BlackRock’s local Bitcoin ETF, iShares Bitcoin Trust (IBIT), saw a massive net inflow of $393.40 million on October 16.

That figure represents the biggest inflow since July 22, when IBIT saw $526.7 million in new investments, according to data from SoSoValue.

Local Bitcoin ETF Market Gains Momentum

Spot Bitcoin ETFs recorded a total net inflow of $458.54 million on Wednesday. While BlackRock’s IBIT led the charge, Fidelity’s FBTC followed suit with $14.81 million, while Bitwise’s BITB saw $12.93 million on the same day.

Franklin Templeton’s EZBC reported $11.79 million, and Ark and 21Shares’ ARKB reported $11.51 million in inflows. Other funds, such as Invesco’s BTCO, attracted $6.43 million and VanEck’s HODL fetched $5.75 million. Valkyrie’s BRRR also saw a lower entry of $1.92 million.

Notably, Grayscale’s GBTC, WisdomTree’s BTCW, and Hashdex’s DEFI did not record any entry or exit into any spot Bitcoin ETFs during the day.

Over the past week, the price of BTC has risen almost 11% and is currently trading above $67,000. The recent price rally coincided with increased inflows into spot Bitcoin ETFs in the US. Interestingly, total assets under management (AUM) of all U.S. spot Bitcoin ETFs have risen to $64.46 billion at today’s valuations after shooting to a four-month high.

The surge in investor interest comes at a critical juncture, especially with the upcoming US presidential election. The stakes for the crypto industry are rising, with prediction markets indicating a higher likelihood of Republican nominee and crypto supporter Donald Trump winning against his Democratic opponent, Vice President Kamala Harris.

As previously reported, this turn toward the Republican outlook has created bullish sentiment in the market, thus driving inflows.

Whale transfers coincide with social media’s shift to Bitcoin

Whale transactions in Bitcoin also reached the highest levels in more than ten weeks, with 11,697 transfers valued at more than $100,000 recorded on October 15. The next day, there were also signs of increased whale activity.

Additionally, social media content has focused primarily on Bitcoin, which accounts for more than a quarter of all discussions, as opposed to altcoins.

According to Santiment, these factors pointed to the possibility that the rally could be temporarily halted due to profit-taking by major players and intense public FOMO. Despite this, the crypto analytics platform added that long-term metrics look positive, suggesting that any dip may be short-lived.

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