Key Points
- Yesterday, BTC ETFs recorded significant inflows led by BlackRock’s IBITat almost $643 million.
- BTC is now trading above $72,000 following new price heights.
Bitcoin briefly surpassed its previous ATH on October 29, fuelled by the biggest inflow day in US BTC ETFs since June.
At the moment of writing this article, BTC is trading above $72,000, up by 2% in the past 24 hours.
Yesterday, BTC climbed above $73,540, before dropping back below $72,000. The coin’s previous ATH was reached back in March when the coin traded around $73,400.
Multiple factors triggered BTC’s price surge, including significant inflows in the US-based BTC ETFs.
BTC ETFs Inflows on October 29
Yesterday, BTC ETFs saw inflows of over $870 million as follows:
- BlackRock’s Bitcoin ETF, IBIT, recorded almost $643 million in inflows.
- Fidelity’s Bitcoin ETF, FBTC, saw almost $134 million in inflows.
- Bitwise’s Bitcoin ETF, BITB, recorded $52.5 million in inflows.
- Grayscale’s Bitcoin ETF, BTC, saw over $29 million in inflows.
- VanEck’s Bitcoin ETF, HODL, recorded $16.5 million in inflows.
- Ark Invest and 21Shares’ Bitcoin ETF, recorded $12.3 million in inflows.
The only Bitcoin ETF that recorded outflows was Grayscale’s GBTC at $17.3 million. The other crypto products did not see any inflows or outflows the other day.
October 29 marked the most significant inflow day in the crypto products since June 4th when they saw over $886 million in inflows.
The total net assets locked in BTC ETFs as of October 29 were over $72.5 billion, while the cumulative net flows in the crypto products since their January debut surpassed $23.2 billion.
According to SoSoValue data, US BTC ETFs recorded a considerable streak of inflows that debuted on October 11. The only outflow day was October 22.
Bloomberg’s analyst Eric Balchunas predicted in a post via X shared yesterday that, considering BTC’s price surge during this week, the crypto products could continue to record even more inflows.
He also noted that BlackRock’s IBIT traded $3.3 billion on October 29, the biggest number in 6 months.
He said that the volume can spike if there is a FOMO-related frenzy.
The markets could see increased volatility the next few days ahead of the US elections, and considering the important upcoming macroeconomic events this week.
