On October 30, BlackRock’s spot Bitcoin exchange-traded fund (ETF) achieved its largest daily inflow since its January launch, bringing in $875 million as the crypto market saw renewed enthusiasm. According to CoinGlass, this new high for BlackRock’s IBIT ETF surpassed its prior record of $849 million, set on March 12, and marked the fund’s 13th consecutive day of inflows, totaling about $4.08 billion.
Record-Breaking Inflows and Growing Momentum
Crypto traders and analysts are closely monitoring the surge in BlackRock’s Bitcoin ETF as it approaches potential billion-dollar inflows. Prominent crypto trader “Trading Axe” hinted at the possibility of a billion-dollar inflow day, and “Cozy The Caller” echoed that sentiment, suggesting that such a milestone could occur once Bitcoin surpasses its all-time high.
IBIT’s performance notably outshined other US-listed spot Bitcoin ETFs, which combined brought in $21.3 million. Fidelity’s Wise Origin Bitcoin Fund ranked a distant second, collecting $12.6 million in inflows, while Bitwise’s ETF saw outflows of $23.9 million.
Market Rally and Bitcoin’s All-Time High on the Horizon
The renewed interest in Bitcoin ETFs has coincided with a significant upswing in Bitcoin prices. As of this writing, Bitcoin is trading at $72,410—just 1.7% below its all-time high of $73,679, last reached on March 13.
Crypto analysts speculate that the upcoming U.S. presidential election on November 5 could serve as a catalyst for Bitcoin to break past its previous high. Swyftx’s lead analyst, Pav Hundal, suggested that a potential Donald Trump victory might generate a boost for Bitcoin prices.
Rising Volume and Market FOMO
The spike in inflows reflects heightened interest across the crypto market, and FOMO (fear of missing out) appears to be a driving factor. On October 29, IBIT’s daily trading volume reached $3.35 billion—its highest since April 1. Bloomberg’s Eric Balchunas commented that the elevated activity suggests a rush among investors to enter the market amid its recent gains.
Reports indicate that all U.S. spot Bitcoin ETFs combined could soon reach a cumulative holding of 1 million Bitcoin, underscoring the growing institutional interest as the market eyes further growth and all-time highs.
