The spot Bitcoin ETFs continue to hit new milestones every passing day as they surpass 1 million BTC holdings within just 10 days of launch. BlackRock’s iShares Bitcoin Trust (IBIT) has delivered formidable performance and has been at the forefront of the majority of inflows happening over the past few weeks.
BlackRock IBIT Dominates Spot Bitcoin ETF Inflows
On Wednesday, October 30, the spot Bitcoin ETF inflows stood at a staggering $893 million, thereby making it the second-largest daily inflow ever since inception in January 2024. However, if we see, BlackRock’s IBIT alone saw more than $ 870 million in inflows while taking its total inflows to more than $25.5 billion since inception. Yesterday was also the biggest-ever daily inflow for IBIT.
Following yesterday’s development, the total number of Bitcoins held across all nine US spot ETFs surged past the 1 million milestone.
Pretty apropos that the biggest daily inflow ever for $IBIT is what pushed the US spot ETFs over the 1 million bitcoin held mark.. https://t.co/6RuTzdacIs
— Eric Balchunas (@EricBalchunas) October 31, 2024
Nate Geraci, a prominent ETF analyst, shared an impressive update on the momentum behind the iShares Spot Bitcoin ETF (IBIT). Geraci noted that IBIT gathered more capital in a single day than all but seven of the 590+ ETFs launched in 2024 have accumulated throughout the entire year.
Investors Bullish Before US Elections?
The inflows into spot Bitcoin ETFs show that institutional players are already building huge positions. Bloomberg ETF strategist Eric Balchunas said that both retail and institutional players have been buying the BTC ETFs in recent times. He wrote: “it started mostly retail but increasingly advisors institutions, which hold like 20% of shares out now but prob reach 40% within a year”.
The recent developments happen when the US election results are less than a week from now with prediction markets betting on a Donald Trump victory. On the other hand, big players like MicroStrategy have been turning bullish while disclosing their plans to buy additional Bitcoins worth $42 billion. Sean McNulty, director of trading at liquidity provider Arbelos Markets said:
“We see the $42 billion as ambitious but not unattainable. Ultimately, if Bitcoin goes higher, it’ll work out for them.”
Also, the Bitcoin price is pretty close to hitting fresh all-time high levels and is currently trading around $72,200 levels. As the market gets more clarity about the US elections, it could propel BTC to fresh all-time highs in November while leading to further rallies ahead.
The post Spot Bitcoin ETFs Cross 1,000,000 BTC Holdings In Just 10 Months appeared first on CoinGape.
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