Record Inflows of $870 Million for Bitcoin Spot ETFs, BlackRock’s IBIT Takes the Lead with $643 Million
Bitcoin exchange-traded funds (ETFs) in the United States experienced a surge in inflows on October 29, reaching a total of $870 million.
Leading the pack was BlackRock’s iShares Bitcoin Trust (IBIT), which witnessed a record inflow of $643 million, according to data from SoSo Value.
The daily trading volume for BlackRock’s Bitcoin ETF skyrocketed to $3.35 billion, marking its highest level in over six months.
This increase in trading activity aligns with Bitcoin’s price rally, as it reached $72,390 on October 29, coming within 2% of its all-time high.
According to Bloomberg ETF analyst Eric Balchunas, this surge in volume suggests a “FOMO” (fear of missing out) wave, possibly driven by investors eager to ride Bitcoin’s momentum.
In a post on X, Balchunas confirmed, “FOMO confirmed,” referencing data that showed a significant daily inflow of $599.8 million for BlackRock’s ETF.
Balchunas noted that elevated volumes were observed across all major Bitcoin ETFs over the past two days, indicating a market-wide surge in investor interest.
He also speculated on the nature of the volume increase, questioning whether it resulted from high-frequency arbitrage trading or genuine speculative interest from new participants.
He stated that if these volumes continue, it may confirm the presence of FOMO-driven buying.
Meanwhile, Alex Thorn, the head of research at Galaxy Digital, 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 experienced a significant inflow, with a trading volume of $390.32 million, second only to BlackRock’s IBIT.
The combined trading volume across all Bitcoin spot ETFs in the U.S. on October 29 reached $4.64 billion, with IBIT representing approximately 38% of that volume.
The surge in trading volume highlights the strong liquidity in the Bitcoin ETF market, although it does not necessarily indicate new capital inflows.
Nevertheless, IBIT has consistently attracted inflows over the past twelve days, totaling 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 its all-time high, generating excitement among investors.
Bitcoin Eyes a New All-Time High
Analysts at Bitfinex suggest a “perfect storm” that could propel 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 favorable market conditions in the fourth quarter, Bitcoin appears poised for significant gains, according to the analysts.
The current setup is described as unique, with the convergence of “election uncertainty, the ‘Trump trade’ narrative, and favorable Q4 seasonality” driving Bitcoin’s bullish momentum.
The report highlights a growing “Trump trade” narrative, noting that a Trump win is increasingly seen as beneficial for crypto assets, with many investors anticipating reduced regulatory pressures.
This sentiment has led to increased trading activity and a heightened confidence in the cryptocurrency market.
Trump is currently polling ahead of Vice President Kamala Harris by a significant margin on platforms like Polymarket, although national polls show a closer race.
The report concludes that if Bitcoin’s upward momentum continues, fueled by election dynamics and year-end positioning, the digital asset could soon surpass its previous all-time high of $73,800.