Bitcoin Spot ETFs See Record $870M Inflow, BlackRock’s IBIT Leads With $643M

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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October 29, 2024

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Bitcoin spot exchange-traded funds (ETFs) in the United States saw record inflows on October 29, totaling $870 million.

BlackRock’s iShares Bitcoin Trust (IBIT) led the pack, witnessing a record $643 million inflow, according to data from SoSo Value.

Daily trading volume for BlackRock’s Bitcoin ETF soared to $3.35 billion, marking its highest level in over six months.

Bitcoin Rallies Above $72,000

This trading spike aligns with Bitcoin’s price rally, which reached $72,390 on October 29—just 2% shy of an all-time high.

According to Bloomberg ETF analyst Eric Balchunas, this volume increase suggests a “FOMO” (fear of missing out) wave, potentially fueled by investors eager to ride Bitcoin’s momentum.

In a post on X, Balchunas confirmed, “FOMO confirmed,” referencing data showing a substantial daily inflow of $599.8 million for BlackRock’s ETF.

Balchunas noted that elevated volumes extended across all major Bitcoin ETFs over the past two days, suggesting a market-wide surge in investor interest.

Balchunas also speculated on the nature of the volume increase, pondering if it resulted from high-frequency arbitrage trading or genuine speculative interest from new entrants.

He stated that if these volumes persist, it may confirm the presence of FOMO-driven buying.

Meanwhile, Galaxy Digital’s head of research, Alex Thorn, highlighted that October 29 ranked as the third-highest day for Bitcoin ETF trading volumes since April 2024.

Among other Bitcoin ETFs, Grayscale Bitcoin Trust (GBTC) also saw a significant inflow, with $390.32 million trading volume, second only to BlackRock’s IBIT.

The combined trading volume across all spot Bitcoin ETFs in the U.S. on October 29 reached $4.64 billion, of which IBIT represented approximately 38%.

The surge in trading volume underscores strong liquidity in the Bitcoin ETF market, though it does not necessarily reflect new capital inflow.

Still, IBIT has attracted continuous inflows over the past twelve days, reaching around $3.2 billion since October 10, according to Farside data.

With Bitcoin surpassing $70,000 on October 29 for the first time since June, the market is inching closer to an all-time high, fueling enthusiasm among investors.

Bitcoin Eyes New ATH

Bitfinex analysts suggest a “perfect storm” that could push Bitcoin to a new all-time high in the coming weeks.

Fueled by the possibility of a Trump victory in the upcoming U.S. presidential election and seasonally bullish market conditions, Bitcoin appears primed for significant gains, the analysts said.

Analysts describe the current setup as unique, with the convergence of “election uncertainty, the ‘Trump trade’ narrative, and favorable Q4 seasonality” driving Bitcoin’s bullish momentum.

The report notes a growing “Trump trade” narrative, pointing out that a Trump win is increasingly seen as favorable for crypto assets, with many investors expecting reduced regulatory pressures.

The sentiment has led to heightened trading activity and increased confidence in the cryptocurrency market.

Trump is currently polling ahead of Vice President Kamala Harris by a notable margin on platforms like Polymarket, although national polls show a narrower race.

The report concludes that if Bitcoin’s upward momentum holds, fueled by election dynamics and year-end positioning, the digital asset could soon break its previous all-time high of $73,800.