Bitcoin ETF

Bitcoin

BlackRock

<p>The BlackRock iShares Bitcoin Trust (IBIT) recorded a whopping $642.9 million in inflows on Oct. 29, according to Farside data.</p>
<p>It is the largest inflow since March 12 bringing the total net inflow for all funds to $870.1 million, the <a href="https://farside.co.uk/btc/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">highest</a> since June 4.</p>
<p>Bloomberg ETF analyst Eric Balchunas observed that the fund also saw its largest trading volume day for six months, with $3.3 billion traded.</p>
<p>Typically, ETF volume spikes occur in downturns, he added before commenting on the surge in spot BTC prices over the past few days, adding, “My guess is this is latter, which means look for (more) big inflows this week.”</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en"><a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$IBIT</a> traded $3.3b today, biggest number in 6mo, which is a bit odd bc btc was up 4% (typically ETF volume spikes in a downturn/crisis). Occasionally tho volume can spike if there a FOMO-ing frenzy (a la <a href="https://twitter.com/search?q=%24ARKK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ARKK</a> in 2020). Given the surge in price past few days, my guess is this is… <a href="https://t.co/z44ZfggHVm" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/z44ZfggHVm</a></p>
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1851381046501392574?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">October 29, 2024</a></p>
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<h2 id="blackrock-flows-total-25b">BlackRock Flows Total $25B</h2>
<p>BlackRock’s total net inflow since the product launched in January is now just shy of $25 billion.</p>
<p>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!”</p>
<p>Balchunas added that the BlackRock fund was not alone “as all the main BTC ETFs saw elevated volume the past two days.”</p>
<blockquote>
 <p>“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.</p>
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<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">All of the suits who aped the ETF are now in profit and can start shilling IBIT to their other suit friends who just watched gold go on an insane move into price discovery <a href="https://t.co/4Du39UM6Sp" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/4Du39UM6Sp</a></p>
 <p>— Will (@WClementeIII) <a href="https://twitter.com/WClementeIII/status/1851427570127896813?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">October 30, 2024</a></p>
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<p>The Fidelity&nbsp;<a href="https://cryptopotato.com/etf-recap-another-strong-week-for-bitcoin-funds-ethereum-demand-lacks/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin ETF</a> (FBTC) saw the second-largest inflow, with $133.9 million on Oct. 29, while the Bitwise BITB fund saw $52.5 million in inflows.</p>
<p>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).</p>
<h2 id="bitcoin-topped-73k">Bitcoin Topped $73K</h2>
<p>The big institutional inflow comes as bitcoin prices came <a href="https://cryptopotato.com/bitcoin-price-flirts-with-a-new-ath-leaving-over-100-million-shorts-liquidated/" data-wpel-link="internal" rel="noopener noreferrer nofollow">just shy</a> of their all-time high. The asset reached $73,562 during late trading on Tuesday, Oct. 29, according to CoinGecko.</p>
<p>It has since retreated to $72,500 at the time of writing but remains up 3.5% on the day and just 1.7% away from its March peak. Breaking into new price discovery now seems inevitable.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#BTC</a></p>
 <p>That’s a phenomenal Bull Flag breakout<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/alT0ni11df" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/alT0ni11df</a> <a href="https://t.co/XQZnrhDiZT" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/XQZnrhDiZT</a></p>
 <p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1851309772236067293?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">October 29, 2024</a></p>
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<p>Meanwhile, many of the high cap altcoins, including <a href="https://cryptopotato.com/ethereum-prices-continue-to-sink-but-bulls-remain-defiant/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum</a> (ETH), Solana (SOL), and XRP (XRP) were being <a href="https://cryptopotato.com/as-bitcoin-nears-record-highs-500b-missing-from-altcoin-markets/" data-wpel-link="internal" rel="noopener noreferrer nofollow">left behind</a> with very little movement over the past 24 hours.</p>
<p>The post <a href="https://cryptopotato.com/blackrock-bitcoin-etf-sees-huge-640m-inflow-as-btc-topped-73k/" rel="noopener noreferrer nofollow">BlackRock Bitcoin ETF Sees Huge $640M Inflow as BTC Topped $73K</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

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

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