BlackRock’s IBIT sees record $872m inflow amid 6-day Bitcoin ETF streak

On Oct. 30, BlackRock’s spot Bitcoin ETF recorded its highest single-day inflow since its January launch, contributing to the ongoing six-day inflow streak across the 12 Bitcoin ETFs.

According to data from SoSoValue, the 12 spot Bitcoin ETFs collectively recorded $893.21 million in inflows on Oct. 30, an amount second only to the $1.045 billion inflow recorded on March 12. This extended their inflow streak to six days, with total net inflows surpassing $3 billion.

BlackRock’s spot Bitcoin ETF, in particular, led this rally with $872.04 million in inflows, surpassing its previous record set in March at $849 million for the iShares Bitcoin Trust.

Bitcoin ETF holdings surge past 1 million BTC

Bloomberg ETF Analyst Eric Balchunas noted the significance of this surge, emphasizing that it brought total U.S. spot Bitcoin ETF holdings past the 1 million BTC mark, a major milestone for Bitcoin ETFs in the U.S. market.

“Pretty apropos that the biggest daily inflow ever for $IBIT is what pushed the U.S. spot ETFs over the 1 million Bitcoin held mark,” said Balchunas.

U.S.-based Bitcoin ETFs collectively acquired 12,418 Bitcoin on Oct. 30, with key players like BlackRock, Grayscale, and Fidelity leading the charge. BlackRock’s ETF, the largest in the group, now holds a remarkable 429,129 BTC, while Grayscale manages 220,415 BTC, and Fidelity has accumulated 188,592 BTC.

BlackRock’s fund has grown rapidly, reaching $30.86 billion in assets, nearly half of which has been acquired over the past month, indicating heightened institutional interest.

Beyond BlackRock, other ETFs experienced substantial inflows as well, including Fidelity’s FBTC with $12.57 million and ARK 21Shares’ ARKB, which recorded $7.18 million.

Meanwhile, Grayscale Bitcoin Mini Trust saw an inflow of $7.96 million, and Invesco’s BTCO, Valkyrie’s BRRR, and VanEck’s HODL garnered $7.18 million, $6.11 million, and $4.07 million in inflows, respectively. The only outlier was Bitwise’s BITB, which reported an outflow of $23.89 million.

With the combined Bitcoin holdings of these ETFs now exceeding 1 million BTC, a new milestone looms: surpassing the estimated 1.1 million BTC believed to be held in the wallet of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.

The robust inflow streak has bolstered Bitcoin’s price, with industry experts speculating that continued institutional investment could push Bitcoin to all-time highs. Just a month after their January launch, U.S.-based spot Bitcoin ETFs contributed approximately 75% of new Bitcoin investments, lifting its price beyond the $50,000 mark.

As of Oct. 30, Bitcoin (BTC) was trading around $72,289, with analysts from Bitfinex forecasting a potential rally to $80,000 by the close of 2024. This prediction is based on the market’s options structure and the prospect of a Republican win in the upcoming U.S. presidential election, factors seen as bullish for Bitcoin.

Yet, not all experts agree on a guaranteed new high for Bitcoin. Some analysts describe the current rally as a “Trump hedge,” a speculative move tied to potential political shifts, rather than a rally driven by macroeconomic fundamentals.

This perspective suggests that while Bitcoin is benefiting from increased institutional interest, it may require further supportive macroeconomic conditions to sustain and reach an all-time high.