Join Our Telegram channel to stay up to date on breaking news coverage
BlackRock’s iShares Bitcoin Trust (IBIT) saw a record $872 million in net inflows on Oct. 30 as cumulative BTC held by US Bitcoin ETF (exchange-traded fund) products closed on the 1.1 million held by Bitcoin creator Satoshi Nakamoto.
Overall, U.S. Bitcoin ETFs registered nearly $900 million in inflows on Wednesday alone, as Bloomberg ETF analyst Eric Balchunas said they are gobbling up BTC ‘’like Pac-Man on a bender.’’
Ok we gonna need to move up our predictions as yest alone the btc ETFs gobbled up over 12k coins like Pac-Man on a bender, now hold 996k btc- good chance to pass 1 million today (as the ridic volume yest likely to translate to big flows tonight). Legit shot to get to Satoshi by… https://t.co/Ua9GzhsBwE pic.twitter.com/84bBprhi6I
— Eric Balchunas (@EricBalchunas) October 30, 2024
Bitcoin ETF Inflows Fueled By Factors Including Possible Donald Trump Election Win
The surge in inflows marks the largest single-day inflow for BlackRock’s IBIT since its inception in January, surpassing the previous high of $849 million set in March. This influx is part of a broader trend, with the U.S Bitcoin ETFs collectively amassing $72.46 billion worth of BTC in less than 9 months.
Balchunas said the recent BTC ETF inflows are fueled by factors including anticipation of a pro-crypto outcome in the upcoming U.S. presidential election and central banks’ global shift toward reducing interest rates.
“US spot ETFs are scheduled to hit 1 million bitcoin held by next Wed and pass Satoshi by mid-December (before their first birthday, amazing),” Balchunas said on X. ”If prices keep going up, Trump wins, we could see FOMO kick in, and it all happens faster.”
COUNTDOWN: US spot ETFs are scheduled to hit 1 million bitcoin held by next Wed and pass Satoshi by mid-December (before their first birthday, amazing). They've been adding about 17k btc a week. That said, anything can happen, eg a violent selloff and all this is delayed albeit… pic.twitter.com/lsU1xSP2Zd
— Eric Balchunas (@EricBalchunas) October 29, 2024
BlackRock Is A Dominant Player In the Market
The record-breaking inflows have positioned BlackRock’s IBIT as a dominant player in the Crypto ETF market, significantly outpacing its competitors. Balchunas said IBIT has crossed the $30 billion mark in assets.
Also $IBIT has crossed the $30 billion mark in assets after monster flows and price appreciation yesterday. It hit this milestone in just 293 days, an all time record. The old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal… pic.twitter.com/rUskhqhW7b
— Eric Balchunas (@EricBalchunas) October 30, 2024
This means that BlackRock’s IBIT holds 41.4% of all the BTC accumulated by ETFs since they began trading in January.
The Bitcoin price rose 0.4% in the past 24 hours to trade at $72,616 as of 07:00 a.m. EST, according to CoinGecko.
Related Articles
- Michael Saylor’s MicroStrategy Announces $42 Billion Plan To Increase Bitcoin Holdings
- Rich Bitcoin Investors List – Famous Crypto Investors Who Own Bitcoin
- A How-To Guide on Buying Cryptocurrency Safely in 2024
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $10+ Million Raised at ICO - Ends Soon
Join Our Telegram channel to stay up to date on breaking news coverage
