Originally published on: October 31, 2024
BlackRock’s Bitcoin exchange-traded fund (ETF) has experienced a significant influx of $875 million as cryptocurrency markets continue to surge. This marks the highest day of inflows since the launch of BlackRock’s spot Bitcoin ETF, surpassing its previous record set in March.
According to data from CoinGlass, traders are eagerly anticipating a potential billion-dollar inflow day, with speculation running high among the crypto community. Prominent traders like Trading Axe and Cozy The Caller have hinted at the possibility of exceeding $1 billion in inflows once the all-time high is breached.
In contrast to other US-listed spot Bitcoin ETFs, BlackRock’s performance outshined the competition, with a total of $21.3 million in combined inflows across 10 other ETFs. Fidelity Wise Origin Bitcoin Fund came in second with $12.6 million in inflows, while Bitwise Bitcoin ETF recorded outflows amounting to $23.9 million.
As Bitcoin hovers around $72,410, close to its all-time high of $73,679, analysts are eyeing the upcoming US presidential election as a potential catalyst for further price gains. Experts suggest that a victory for Donald Trump could trigger a positive response in the market.
Recent data also indicates a surge in daily trading volume for BlackRock’s spot Bitcoin ETF, reaching $3.35 billion, signaling increased market enthusiasm and FOMO among investors. Additionally, reports suggest that US spot Bitcoin ETFs collectively hold nearly 1 million Bitcoin, hinting at continued growth in the cryptocurrency space.
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