Investors are betting big on Bitcoin as a whopping $875 million has been fueled into BlackRock’s flagship Bitcoin exchange-traded fund (ETF), a 3% boost to its previous record. This historic surge was recorded on October 30, reflecting the largest daily inflow since the fund’s advent in January.
The BlackRock Spot Bitcoin ETF, known as IBIT, has been on a roll, consistently recording inflows for 13 days straight, accumulating inflows of approximately $4.08 billion over this period. This pattern has led market spectators to forecast the likelihood of an impending billion-dollar inflow.
While BlackRock’s performance towers over the other 10 US-listed spot Bitcoin ETFs who collectively made a mere $21.3 million in inflows, the Fidelity Wise Origin Bitcoin Fund comes second, having attracted $12.6 million. On the other hand, the Bitwise Bitcoin ETF’s performance bottomed out with outflows amounting to $23.9 million.
As of now, Bitcoin is reported to be trading at around $72,410, just lagging by 1.7% below its highest ever value of $73,679 set in March. Investors are pinning their hopes on the upcoming US presidential elections on November 5, predicting it to act as a potential catalyst to push Bitcoin even further beyond its current high.
With IBIT’s daily trading volume reaching a record high of $3.35 billion on October 29, the flamboyant surge is seen as a sign of ‘Fear Of Missing Out’ (FOMO) among investors, as per Bloomberg ETF analyst Eric Balchunas.