Hold onto your hats, folks, because BlackRock's Bitcoin ETF is making some serious waves! It's been a thrilling six months, and the party isn't slowing down anytime soon. Thanks to a spectacular Bitcoin rally, BlackRock's iShares Bitcoin Trust (IBIT) just raked in a jaw-dropping $642.9 million on October 29. That's the biggest influx of funds since way back in March!
In total, the funds have seen a net inflow of $870.1 million, marking the most substantial increase since early June. Even Bloomberg's ETF guru, Eric Balchunas, couldn't help but notice that IBIT experienced its highest trading volume in half a year, with a whopping $3.3 billion changing hands. Balchunas noted something curious: ETF volumes usually spike during downturns, but this time it's all about that Bitcoin surge. He predicts more hefty inflows in the days to come.
Since its debut in January, BlackRock's total net inflow is nearing a mind-blowing $25 billion. Nate Geraci, the ETF Store President, chimed in, revealing that out of nearly 2,100 ETFs launched over the past five years, IBIT is now the fourth-largest in terms of lifetime inflows. And it achieved this feat in under ten months!
But BlackRock isn't the only game in town. Fidelity's Bitcoin ETF managed to attract a cool $133.9 million on October 29, while Bitwise's BITB fund saw $52.5 million in inflows. Ark 21Shares and VanEck had more modest inflows, while Grayscale experienced some outflows on their GBTC but gained on their mini Bitcoin Trust.
As Bitcoin prices flirt with all-time highs, reaching $73,562 during late trading on October 29, it's clear that we're on the brink of something big. Bitcoin's current value hovers around $72,500, still up 3.5% on the day and a mere 1.7% shy of its March peak. The march towards new price discovery seems unstoppable!
Meanwhile, in the world of high-cap altcoins, Ethereum, Solana, and XRP are taking a backseat with not much movement in the past 24 hours. But in the fast-paced world of crypto, who knows what surprises are in store next? Stay tuned for more crypto magic!
