Bitcoin Nears All-Time High As Spot BTC ETFs See $870M Surge, Driven by BlackRock’s IBIT

Updated: 30 October 2024

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Bitcoin is edging closer to a new all-time high after touching $73.5k on Oct. 29 as daily inflows into US spot BTC ETFs (exchange-traded funds) surged.

An $870 million influx into spot Bitcoin ETFs on Tuesday, the third-highest daily total since the investment vehicles launched in January, was led by the $629 million that flooded into BlackRock’s IBIT.

Bitcoin Inches Closer To ATH

The surge in ETF flows helped power the Bitcoin price higher, with the king of cryptos touching a daily high on Tuesday of $73,577, just shy of its all-time high of $73,750 recorded in March.

This surge in investment into BTC comes amid growing optimism that pro-crypto candidate Donald Trump will win the presidential election next week.

Polymarket betting odds show Trump leading Kamala Harris by 66.9% to 33.1%, based on over $2.7 billion in wagers.

The BTC price pared earlier gains to trade at $72,356 as of 05:48 a.m. EST, having jumped 1.6% in the last 24 hours, according to CoinGecko.

“The post halving advance may have begun,” said crypto trader Peter Brandt, who has 745k followers on X. “The series of lower highs and lower lows since March has come to an end.”

B I T C O I N $BTC
The 5-month inverted expanding triangle has now been completed
Follow through will be important
The post halving advance may have begun
The series of lower highs and lower lows since March has come to an end pic.twitter.com/lth9fLv0yt

— Peter Brandt (@PeterLBrandt) October 29, 2024