Record-Breaking $870M Inflows Propel Bitcoin ETFs to New Heights

October 30, 2024 William Ross Cryptocurrency News, Finance, Stock Market 0

Bitcoin ETFs Experience Record Inflows as Prices Soar

US Spot Bitcoin ETFs Witness Record Inflows Amid Price Surge

On October 29, US spot Bitcoin exchange-traded funds (ETFs) experienced a record-breaking net inflow of $870 million, the highest daily inflow since June 5. This surge was led by BlackRock’s iShares Bitcoin Trust (IBIT), which alone saw an impressive $643 million inflow.

The influx of capital coincided with a powerful rally in Bitcoin prices, which soared to $72,390, just 2% shy of its all-time high. The daily trading volume for BlackRock’s Bitcoin ETF reached $3.35 billion, marking its highest level in over six months.

Bloomberg ETF analyst Eric Balchunas attributed this spike to a “FOMO” (fear of missing out) wave among investors1. Other major Bitcoin ETFs, including the Grayscale Bitcoin Trust (GBTC), also saw substantial inflows, contributing to a combined trading volume of $4.64 billion across all spot Bitcoin ETFs in the US.

See Also:  VanEck CEO Forecasts Bitcoin’s Meteoric Rise: Half the Market Cap of Gold?

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William Ross
About William Ross 286 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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