BlackRock’s IBIT has achieved a remarkable inflow of $872 million, marking a record high during a six-day surge in Bitcoin ETF activity.

On October 30, BlackRock’s spot Bitcoin ETF achieved its highest single-day inflow since launching in January, contributing to a remarkable six-day inflow streak across 12 Bitcoin ETFs. According to SoSoValue data, these ETFs collectively amassed $893.21 million in inflows on that day, the second-highest amount ever after the $1.045 billion recorded on March 12. Leading this surge, BlackRock’s ETF alone attracted $872.04 million, surpassing its previous record of $849 million set in March for the iShares Bitcoin Trust.

Bitcoin ETF Holdings Exceed 1 Million BTC

Bloomberg ETF Analyst Eric Balchunas highlighted the significance of this milestone, noting that the influx of funds pushed total U.S. spot Bitcoin ETF holdings past the 1 million BTC threshold, a noteworthy achievement for Bitcoin ETFs in the U.S. market. “It’s fitting that the largest daily inflow for $IBIT coincided with the U.S. spot ETFs surpassing the 1 million Bitcoin mark,” Balchunas remarked.

On October 30, U.S.-based Bitcoin ETFs collectively acquired 12,418 BTC, with prominent players like BlackRock, Grayscale, and Fidelity leading the way. BlackRock’s ETF now boasts an impressive 429,129 BTC, while Grayscale holds 220,415 BTC and Fidelity has accumulated 188,592 BTC. Rapid growth has propelled BlackRock’s fund to $30.86 billion in assets, with nearly half amassed in the past month, signaling increased institutional interest.

Other ETFs also saw significant inflows, including Fidelity’s FBTC with $12.57 million and ARK 21Shares’ ARKB at $7.18 million. Grayscale’s Bitcoin Mini Trust recorded an inflow of $7.96 million, while Invesco’s BTCO, Valkyrie’s BRRR, and VanEck’s HODL garnered $7.18 million, $6.11 million, and $4.07 million, respectively. The sole exception was Bitwise’s BITB, which reported an outflow of $23.89 million.

With total Bitcoin holdings in these ETFs now exceeding 1 million BTC, the next goal is to surpass the estimated 1.1 million BTC thought to be held by Bitcoin’s pseudonymous creator, Satoshi Nakamoto. This influx has positively impacted Bitcoin’s price, leading industry experts to speculate that sustained institutional investment could drive Bitcoin to new all-time highs. Just a month after their January launch, U.S.-based spot Bitcoin ETFs accounted for around 75% of new Bitcoin investments, pushing the price above the $50,000 mark.

As of October 30, Bitcoin was trading at approximately $72,289, with analysts from Bitfinex predicting a possible rally to $80,000 by the end of 2024. This forecast is based on the market’s options structure and the potential for a Republican win in the upcoming U.S. presidential election, both seen as bullish for Bitcoin.

However, not all experts are convinced of a guaranteed new high for Bitcoin. Some analysts characterize the current rally as a “Trump hedge,” a speculative strategy linked to potential political changes rather than driven by macroeconomic fundamentals. This perspective suggests that while Bitcoin is reaping the benefits of increased institutional interest, it may need further supportive macroeconomic conditions to sustain and achieve all-time highs.