Bitcoin Spot ETFs Experience Record $870M Inflow, BlackRock’s IBIT Leads With $643M
Bitcoin exchange-traded funds (ETFs) in the United States witnessed a historic inflow of $870 million on October 29th.
Leading the way was BlackRock’s iShares Bitcoin Trust (IBIT), which saw an inflow of $643 million, according to data from SoSo Value.
The daily trading volume for BlackRock’s Bitcoin ETF surged to $3.35 billion, reaching its highest level in over six months.
Bitcoin Surpasses $72,000
This surge in trading activity coincides with Bitcoin’s price rally, which reached $72,390 on October 29th, just 2% away from its all-time high.
According to Bloomberg ETF analyst Eric Balchunas, this increase in volume indicates a “fear of missing out” (FOMO) wave, possibly driven by investors eager to ride Bitcoin’s momentum.
In a post on X, Balchunas confirmed, “FOMO confirmed,” referring to data that shows a significant daily inflow of $599.8 million for BlackRock’s ETF.
Balchunas noted that the elevated volumes were seen across all major Bitcoin ETFs over the past two days, suggesting a surge in investor interest across the market.
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 investors.
He stated that if these volumes continue, it could confirm the presence of FOMO-driven buying.
Meanwhile, Alex Thorn, the head of research at Galaxy Digital, highlighted that October 29th 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 for all spot Bitcoin ETFs in the U.S. on October 29th reached $4.64 billion, with IBIT representing approximately 38% of that total.
The surge in trading volume demonstrates strong liquidity in the Bitcoin ETF market, although it does not necessarily indicate new capital inflow.
However, IBIT has consistently attracted inflows over the past twelve days, totaling around $3.2 billion since October 10th, according to Farside data.
With Bitcoin surpassing $70,000 for the first time since June on October 29th, the market is getting closer to its all-time high, generating excitement among investors.
Bitcoin Aims for New All-Time High
Analysts at Bitfinex suggest that a “perfect storm” 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.
They describe the current situation 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 greater 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 maintains its upward momentum, fueled by election dynamics and year-end positioning, the digital asset could soon surpass its previous all-time high of $73,800.
