Analysis from cryptocurrency market reports and supply-demand metrics

BlackRock's Bitcoin ETF Hits Record $872M Inflow, Becomes Fastest-Growing ETF Ever

Oct 31, 2024, 01:45 AM

US spot Bitcoin exchange-traded funds (ETFs) have recorded significant net inflows over recent days, with total inflows reaching $870 million on October 29 and $893 million on October 30, the third and second-largest daily inflows in history, respectively. BlackRock's iShares Bitcoin Trust (IBIT) led these inflows, recording its largest single-day inflow of $872 million on October 30 and purchasing 12,123 Bitcoin on that day. On October 29, IBIT's trading volume reached $3.35 billion, marking a six-month high. As a result of these inflows, US Bitcoin ETFs now collectively hold over 1 million BTC, valued at more than $72 billion, surpassing 5% of the total Bitcoin market capitalization for the first time. BlackRock's IBIT has also become the fastest-growing ETF in history, surpassing $30 billion in assets under management in just 293 days, outpacing previous records set by other ETFs. Over the past 14 trading days, Bitcoin ETFs have acquired over $6 billion worth of Bitcoin, with institutional demand outpacing new Bitcoin supply from mining. The substantial inflows reflect increasing institutional interest in Bitcoin, as ETFs provide a regulated and accessible investment vehicle for exposure to the cryptocurrency.