Bitcoin (BTC) News: $1 Billion Inflows in Bitcoin ETF Amid Market Surge
Bitcoin ETF Inflows Breach $1 Billion Mark In 3 Days
Total net inflows for spot Bitcoin ETFs in the US soared to an impressive $1.18 billion over the last three trading days. Meanwhile, the cumulative total net inflow metric surged to record a new high of $19.73 billion. Monday, October 14, saw the largest daily total net inflows, coming in at $555.86 million.
The renewed interest was seen across the past week, where crypto investment inflows reached $407 million. This reversed early October's $147 million negative flow amidst rising US election focus.
BlackRock remains at the forefront of this wave of institutional interest for Bitcoin investments. Alongside Fidelity, the two asset managers jointly attracted nearly $760 million over the last three days, data on Farside shows. On Tuesday, October 15, BlackRock led the inflows, recording up to $288.8 million in positive flows.
Market Response and Predictions
The soaring inflows align with Bitcoin's nearly 13% price surge since Friday. Standard Chartered analysts predict that this momentum could drive Bitcoin to reclaim its all-time high as the US election approaches. CoinShares researchers echoed this view, attributing the rising interest to US politics rather than monetary policy.
BlackRock's dominance in the Bitcoin space is unsurprising, given the firm’s pivot to cryptocurrency. Alongside MicroStrategy’s Michael Saylor, BlackRock remains one of Bitcoin’s strongest advocates. During the Q3 earnings call, CEO Larry Fink revealed that IBIT reached a $23 billion market in just nine months, fueled by billions in investments.
Ethereum's Struggles Amid BTC's Success
Despite the enthusiasm around Bitcoin, Ethereum-related products do not show the same sentiment for BlackRock. Challenges range from few entries to net outflows for some offerings, suggesting a focus of interest on Bitcoin. Robert Mitchnick, head of digital assets at BlackRock, ascribed this to a more complex investment narrative surrounding Ethereum.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.