On October 30, BlackRock’s spot Bitcoin ETF, known as IBIT, achieved a remarkable milestone. The fund recorded the largest single-day inflow since its launch in January, amassing $875 million. This amount surpassed the previous record of $849 million set in March. Notably, this marks the 13th consecutive day of positive inflows for IBIT.
Surge in Institutional Interest
Throughout this impressive stretch, IBIT has attracted around $4.08 billion in new investments. This surge indicates a growing interest from institutional investors looking to gain Bitcoin exposure through traditional financial instruments.
Market Sentiment Remains Positive
Market sentiment is currently optimistic, with Bitcoin (BTC) trading at $72,298. This value is close to its March high of $73,679. Analysts are focusing on the upcoming U.S. presidential election, set for November 5, as a potential catalyst that could drive Bitcoin prices higher.
BlackRock Leads the Pack
BlackRock’s performance stands out significantly against its competitors. The other 10 U.S.-listed spot Bitcoin ETFs combined saw a total of just $21.3 million in inflows. Fidelity’s Wise Origin Bitcoin Fund (FBTC) ranked second with $12.6 million, while Bitwise’s Bitcoin ETF experienced outflows totaling $23.9 million.
Increased Trading Activity
Trading activity for IBIT has also picked up. On October 29, the ETF’s daily trading volume exceeded $3.35 billion, the highest level since April 1, according to Bloomberg. Eric Balchunas, an analyst at Bloomberg ETF, noted that the recent surge in inflows is largely driven by investors’ fear of missing out (FOMO).
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