BlackRock’s Bitcoin ETF Sees $393.4M Inflow on Oct 16

On October 16th, BlackRock’s iShares Bitcoin Trust (IBIT) saw an impressive net inflow of $393.40 million.

As per data from SoSoValue, this marks the largest inflow since July 22, when IBIT attracted $526.7 million in new investments.

Spot Bitcoin ETF Market Gains Traction

On Wednesday, the spot Bitcoin ETFs registered a combined net inflow of $458.54 million. BlackRock’s IBIT led the influx, with Fidelity’s FBTC contributing $14.81 million, and Bitwise’s BITB bringing in $12.93 million on the same day.

Franklin Templeton’s EZBC experienced inflows of $11.79 million, while Ark and 21Shares’ ARKB amassed $11.51 million. Additionally, Invesco’s BTCO attracted $6.43 million, and VanEck’s HODL captured $5.75 million. Valkyrie’s BRRR also noted a small inflow of $1.92 million.

However, Grayscale’s GBTC, WisdomTree’s BTCW, and Hashdex’s DEFI reported no inflows, and there were no outflows across all spot Bitcoin ETFs for the day.

In the last week, BTC’s value has surged nearly 11%, currently trading above $67,000. This price increase coincides with rising inflows into spot Bitcoin ETFs in the U.S. Notably, the total assets under management (AUM) for all U.S.-based spot Bitcoin ETFs have climbed to $64.46 billion, reaching a four-month high.

The surge in investor interest comes at a pivotal moment, especially with the U.S. presidential election drawing near. The stakes for the cryptocurrency sector are on the rise, as prediction markets hint at elevated chances for Republican candidate and crypto advocate Donald Trump to triumph over his Democratic rival, Vice President Kamala Harris.

As previously noted, this shift towards Republican prospects has sparked bullish sentiment in the market, leading to increased inflows.

Whale Transfers Align with Social Media Shift Toward Bitcoin

Whale transactions in Bitcoin hit their highest numbers in over ten weeks, with 11,697 transfers exceeding $100,000 recorded on October 15. The subsequent day also revealed signs of heightened whale activity.

Moreover, discussions on social media have largely centered around Bitcoin, representing over a quarter of all conversations, overshadowing altcoins.

According to Santiment, these trends suggest that the rally might face temporary interruptions due to profit-taking by large players and heightened fear of missing out (FOMO) among the crowd. Nevertheless, the crypto analytics platform indicated that long-term indicators remain optimistic, implying that any downturn might be fleeting.