Key Points
- US Bitcoin ETFs recorded renewed inflows, with BlackRock’s IBIT seeing $314 million influxes.
- BTC bounced back above $67,000 and was mentioned by top lawmakers at the BRICS summit.
Yesterday, the US Bitcoin ETFs recorded new inflows following a day of outflows on October 22, pushing BTC’s price back above $67,000, along with other catalysts.
In-Depth Data on Bitcoin ETFs Inflows
On October 23, two Bitcoin ETFs saw inflows:
- BlackRock’s Bitcoin ETF, IBIT, recorded over $317.4 million in inflows.
- Grayscale’s Bitcoin ETF, BTC, saw over $4.7 million in inflows.
Three Bitcoin ETFs saw outflows the other day:
- Ark Invest and 21Shares’ Bitcoin ETF, ARKB, recorded over $99 million in outflows.
- Bitwise’s Bitcoin ETF, BITB, recorded over $25 million in outflows.
- VanEck’s Bitcoin ETF, HODL, saw over $5.6 million in outflows.
The other Bitcoin ETFs didn’t record any inflows or outflows yesterday. According to official SoSoValue data, the total net assets locked in the US crypto products surpassed $64 billion as of October 23, while their cumulative net flows topped $21.3 billion.
Yesterday’s inflows in Bitcoin ETFs have supported Bitcoin in regaining prices above $67,000, following a price dip to $65,000 levels on October 23.
Bitcoin Trades Above $67,000
At the moment of writing this article, BTC is priced above $67,300, following a price drop near $65,200 yesterday.
Earlier, BTC’s price climbed close to $67,500, before stabilizing around $67,300 levels.
Bitcoin’s price rebound coincided with new inflows in BTC ETFs and with the coin becoming a topic during talks at the BRICS summit.
Bitcoin Was Mentioned During the 16th BRICS Summit
On October 22, the 16th BRICS summit debuted in Kazan, Russia, and official notes from Bloomberg revealed that Bitcoin was one of the subjects addressed at the meetings.
Head of digital assets research at VanEck, Matthew Sigel, shared a post via X yesterday, citing information from Bloomberg, highlighting that top lawmakers pushed the idea that Russian miners could sell their BTC reserves to international buyers who would use the coins to pay for imports.
In other words, he suggested that Bitcoin could become a way for Russia to bypass the Western sanctions imposed on the country after the debut of the Ukraine war.
Sanctions have hit Russia hard, but crypto could provide an alternative to traditional financial systems that rely on the US dollar and the banks.
Also, Sigel mentioned that Russia’s BitRiver, a service provider for green crypto mining, and the Russian Direct Investment Fund (RDIF) have recently announced a partnership for a BRICS-wide mining initiative.
According to Bloomberg data, the nine members of BRICS now account for 26% of the world’s population, and 45% of the GDP, compared to G7 10% of the world’s population and 44% of the GDP.
BRICS includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the UAE, while the G7 organization consists of Canada, France, Germany, Italy, Japan, the UK and the USA.
Bitcoin became a subject not only at BRICS but also in the US, especially in 2024, with both Presidential candidates promising support for the crypto industry.
The US elections are scheduled for November 5 and so far, rising odds of a Donald Trump win have been also correlated with Bitcoin’s price surges.
Considering the increasing global spotlight on Bitcoin, new bullish moves and even a new ATH in 2024 are definitely not off the table.
