Bitcoin investors pile $875M into BlackRock fund amid crypto rally

BlackRock’s spot Bitcoin exchange-traded fund (ETF) recorded its biggest day of inflows since its launch in January as crypto markets surged.

On Oct. 30, BlackRock’s spot Bitcoin ETF (IBIT) recorded inflows of $875 million, according to CoinGlass data. This marked the highest inflow day for IBIT since its launch on Jan. 11.

The figure has surpassed IBIT’s previous high of $849 million set on March 12, as per Farside data. It also marked the 13th consecutive inflow day for IBIT, totaling about $4.08 billion in inflows during the period.

Traders are speculating that a billion-dollar inflow day may be imminent.

“I said billion dollar inflows, it was NOT a joke,” crypto trader Trading Axe told their 70,300 X followers.

Meanwhile, crypto trader Cozy The Caller said to their 164,100 followers that it is going to be “above 1B the day we break ATH for sure.”

BlackRock’s performance eclipsed the other 10 US-listed spot Bitcoin ETFs, which brought in a combined $21.3 million in inflows. Fidelity Wise Origin Bitcoin Fund ranked second with $12.6 million, while Bitwise Bitcoin ETF saw the lowest with outflows totaling $23.9 million.

Some analysts say the United States presidential election on Nov. 5 could be a catalyst for Bitcoin to climb above its previous high.

wyftx lead analyst Pav Hundal recently told Cointelegraph that a Donald Trump “victory would likely provide a dopamine hit.”

On Oct. 29, IBIT’s daily trading volume hit $3.35 billion, marking its highest level since April 1. Bloomberg ETF analyst Eric Balchunas said that the surge confirmed “FOMO” among market participants.

Meanwhile, on Oct. 28, Cointelegraph reported that in the coming days the US spot Bitcoin ETFs across the board may reach a total of 1 million Bitcoin in holdings.