BlackRock’s Bitcoin ETF saw its largest inflows on Oct. 30, totaling $875M, sparking hopes of a new BTC all-time high ahead of the U.S. presidential election.
BlackRock’s spot Bitcoin ETF (IBIT) recorded its highest inflows ever on October 30, totaling $875 million, as investor interest surged with Bitcoin nearing all-time highs. With markets closely watching the U.S. presidential election, traders are anticipating a potential breakout for Bitcoin as favorable conditions align.
Key Points
Record Inflows for BlackRock’s Bitcoin ETF:
BlackRock’s spot Bitcoin ETF achieved an all-time high of $875 million in inflows on October 30, marking a 13-day streak of positive inflows. This new high surpassed the ETF’s previous record set in March.
Anticipation of $1 Billion Inflow Days:
Prominent crypto traders believe that a billion-dollar inflow day is close, with many speculating that Bitcoin’s price will break its all-time high of $73,679 in response to these growing inflows.
Market Conditions Ahead of U.S. Election:
Analysts suggest that the upcoming U.S. election on November 5 could act as a catalyst, potentially driving Bitcoin above its previous highs if market conditions continue to be favorable.
Bitcoin ETF Competitive Landscape:
BlackRock’s ETF led U.S.-listed Bitcoin ETFs with $875 million in inflows, leaving other ETFs like Fidelity’s Wise Origin Bitcoin Fund far behind with only $12.6 million. Altogether, U.S. spot Bitcoin ETFs saw $896.3 million in inflows on Oct. 30.
Trading Volume and FOMO:
Daily trading volume for IBIT reached $3.35 billion on October 29, indicating heightened activity and market enthusiasm, which Bloomberg analyst Eric Balchunas attributes to "FOMO" among investors.
With record ETF inflows and Bitcoin nearing its all-time high, market sentiment remains highly optimistic. As traders and investors await the U.S. election results, many anticipate further price action that could see Bitcoin break new ground.
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Related: Cointelegraph
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