BlackRock Bitcoin ETF Sees $640M Inflow as BTC Hits $73K

The BlackRock iShares Bitcoin Trust (IBIT) recorded an impressive $642.9 million in inflows on October 29, marking the largest inflow since March 12. This brings the total net inflow for all funds to $870.1 million, the highest figure since June 4.

Trading Volume Surge

Bloomberg ETF analyst Eric Balchunas noted that the fund experienced its largest trading volume day in six months, with $3.3 billion traded. He observed that ETF volume typically spikes during downturns, but the recent surge in spot BTC prices suggests a potential for more significant inflows in the coming days.

BlackRock's Total Inflows Reach $25 Billion

Since its launch in January, BlackRock's total net inflow is now just under $25 billion. Analyst Nate Geraci highlighted that IBIT ranks fourth in lifetime inflows among nearly 2,100 ETFs launched in the past five years, achieving this milestone in less than 10 months.

Broader Market Impact

The substantial inflow into the BlackRock fund coincides with Bitcoin nearing its all-time high, reaching $73,562 during late trading on October 29. Although it has since retreated to around $72,500, Bitcoin remains up 3.5% on the day, just 1.7% away from its previous peak.

Other ETF Performances

The Fidelity Bitcoin ETF (FBTC) also saw significant inflows, totaling $133.9 million on the same day. Meanwhile, the Bitwise BITB fund recorded $52.5 million in inflows. Smaller inflows were observed for Ark 21Shares and VanEck, while Grayscale's GBTC fund experienced a $17.3 million outflow but gained $29.2 million in its lower-fee mini Bitcoin Trust.