BlackRock’s Spot Bitcoin ETF Sees Highest Single-Day Inflow of $875M

On October 30, BlackRock’s spot Bitcoin ETF (IBIT) recorded an all-time high (ATH) daily inflow since launching in January, following a surge in crypto markets.

IBIT Records Daily High

According to on-chain data, IBIT recorded inflows of $875 million, setting a new daily high that surpassed its previous record of $849 million on March 12. This marks the 13th consecutive day of inflows for the ETF, totaling approximately $4.08 billion over this period.

[🌲] BlackRock (IBIT) Daily BTC Flows: +875.0m: BBG

— Tree News (@News_Of_Alpha) October 31, 2024

BlackRock recorded higher inflows compared to the combined $21.3 million seen across the other ETFs. Fidelity’s Wise Origin Bitcoin Fund followed with $12.6 million in inflows, while the Bitwise Bitcoin ETF had the largest outflows, totaling $23.9 million.

The overall net asset value (NAV) of these ETFs peaked at $72.5 billion, representing about 5% of Bitcoin’s market capitalization.

Community Expectations

With BlackRock’s performance far surpassing other US-listed spot Bitcoin ETFs and the total NAV peaking at $72.5 billion, traders are now speculating that a billion-dollar inflow day might be on the horizon.

An X user predicted that inflows will exceed $1 billion when BTC reaches a new all-time high.

Gonna be above 1B the day we break ATH for sure

— Cozy ⓣhe Caller 🔥💃🏻 (@cozypront) October 31, 2024

“I said billion dollar inflows, it was NOT a joke,” another user noted.

Heightened Demand for BTC ETFs

Since October began, the 12 US spot Bitcoin ETFs have continued to attract substantial institutional investment. On Wednesday, a recent CoinTab report highlighted combined net inflows of over $870 million.

The heightened demand for these ETFs aligns with Bitcoin’s rally close to its all-time high late Tuesday. As the US elections approach, investors are predicting near-term price fluctuations, with some setting a price target of $80,000 for November, regardless of election outcomes. 

BTC rose over 5% late Tuesday, reaching above $73,000 and fueling a broader market rally. This recent uptrend has driven greater investor interest in Bitcoin ETFs, with expectations of further inflows in the coming days.

At press time, BTC was trading at $72,410, about 1.7% below its all-time high of $73,679 reached on March 13.