As a seasoned crypto investor with over two decades of experience navigating the volatile financial markets, I must say that the recent surge in spot Bitcoin ETF inflows is nothing short of remarkable. The dominance of BlackRock’s iShares Bitcoin Trust (IBIT) has been truly impressive, and it seems to be the go-to choice for institutional investors looking to dip their toes into the crypto space.
As a crypto investor, I’ve been witnessing an exciting journey with the Bitcoin ETFs recently. Just ten days into their launch, they’ve managed to exceed 1 million BTC in holdings, breaking new records each day. The BlackRock iShares Bitcoin Trust (IBIT) has been a standout performer, driving much of the recent inflows over the past few weeks. It’s an encouraging sign for the future of digital assets!
BlackRock IBIT Dominates Spot Bitcoin ETF Inflows
On October 30th (Wednesday), the Bitcoin ETF witnessed a massive $893 million in investments, making it the second-largest single-day influx since its launch in January 2024. Notably, BlackRock’s IBIT experienced even more substantial growth with over $870 million in inflows on the same day, bringing its total inflows to an impressive $25.5 billion since its inception. Interestingly, this was also the largest single-day influx for IBIT to date.
Yesterday’s progress saw the combined Bitcoin holdings in the nine U.S. spot Exchange-Traded Funds exceed the 1 million mark.
As an analyst, I find it quite fitting that the substantial daily influx that hit $IBIT was instrumental in propelling U.S. spot Bitcoin ETFs past the significant milestone of holding more than 1 million Bitcoins.
— Eric Balchunas (@EricBalchunas) October 31, 2024
Nate Geraci, a well-known ETF expert, recently highlighted a remarkable development concerning the iShares Spot Bitcoin ETF (IBIT). Geraci pointed out that IBIT amassed a significant amount of capital in just one day, which is more than all but seven of the over 590 ETFs launched in the year 2024 have managed to gather throughout the entire year.
Investors Bullish Before US Elections?
The large amounts of money flowing into Bitcoin spot ETFs indicate that institutional investors are amassing significant positions. According to Eric Balchunas, an ETF strategist at Bloomberg, both individual and institutional investors have been purchasing Bitcoin ETFs in recent periods. In his words, “initially it was mainly retail investors, but now more and more advisors and institutions, which currently hold around 20% of the shares, are likely to increase their share up to 40% within a year.
As the US election results draw nearer by a week, prediction markets indicate a likely win for Donald Trump. On the contrary, major players such as MicroStrategy have displayed optimism and announced their intent to purchase an extra $42 billion worth of Bitcoins. Sean McNulty, director of trading at Arbelos Markets, has also expressed his optimistic viewpoint on these developments.
As an analyst, I view the $42 billion target as a challenging yet achievable goal. Should Bitcoin continue to climb, this objective becomes increasingly feasible.
Furthermore, Bitcoin’s price is nearly touching new record peaks, currently hovering near $72,200. With increasing understanding of the US election results, this situation might push Bitcoin to reach new peak prices in November and potentially trigger more upward trends.
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2024-10-31 08:02