Bitcoin

BlackRock Bitcoin ETF Sees Huge $640M Inflow as BTC Topped $73K

2 Mins read


The BlackRock iShares Bitcoin Trust (IBIT) recorded a whopping $642.9 million in inflows on Oct. 29, according to Farside data.

It is the largest inflow since March 12 bringing the total net inflow for all funds to $870.1 million, the highest since June 4.

Bloomberg ETF analyst Eric Balchunas observed that the fund also saw its largest trading volume day for six months, with $3.3 billion traded.

Typically, ETF volume spikes occur in downturns, he added before commenting on the surge in spot BTC prices over the past few days, adding, “My guess is this is latter, which means look for (more) big inflows this week.”

BlackRock Flows Total $25B

BlackRock’s total net inflow since the product launched in January is now just shy of $25 billion.

Fellow analyst and ETF Store President Nate Geraci commented that there are nearly 2,100 ETFs that have launched over the past five years. “With nearly $25 billion in inflows, IBIT is now number four in lifetime inflows out of this group,” he said before exclaiming it “did it in less than 10 months!”

Balchunas added that the BlackRock fund was not alone “as all the main BTC ETFs saw elevated volume the past two days.”

“If this is a FOMO frenzy, we’ll see it show up in the flows over the next few nights,” he said before adding that, if not, it could be due to arbitrage trading.

The Fidelity Bitcoin ETF (FBTC) saw the second-largest inflow, with $133.9 million on Oct. 29, while the Bitwise BITB fund saw $52.5 million in inflows.

There were smaller inflows for Ark 21Shares and VanEck, while the rest were net zero. Grayscale saw a $17.3 million outflow for its GBTC fund but a $29.2 million inflow for its lower-fee mini Bitcoin Trust (BTC).

Bitcoin Topped $73K

The big institutional inflow comes as bitcoin prices came just shy of their all-time high. The asset reached $73,562 during late trading on Tuesday, Oct. 29, according to CoinGecko.

It has since retreated to $72,500 at the time of writing but remains up 3.5% on the day and just 1.7% away from its March peak. Breaking into new price discovery now seems inevitable.

Meanwhile, many of the high cap altcoins, including Ethereum (ETH), Solana (SOL), and XRP (XRP) were being left behind with very little movement over the past 24 hours.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!



Source link

Related posts
Bitcoin

Ethereum Breaking $3,100 Is 'Just The Beginning'

2 Mins read
Este artículo también está disponible en español. Analysts see that Ethereum has the potential to reach a new all-time high by December…
Bitcoin

Bitcoin $125K by New Year? Peter Brandt’s Bold BTC Prediction Shakes Markets

1 Mins read
Peter Brandt projects that bitcoin could surge to $125,000 by the New Year, citing bullish trends and the cryptocurrency’s strong historical price-action…
Bitcoin

Iconic NFT Collection CryptoPunks Reigns in Market Share Amid BAYC Decline: Report

2 Mins read
The iconic NFT collection CryptoPunks appears to be making a comeback this year amidst the ongoing NFT bear market. According to CoinGecko,…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *