BlackRock’s Bitcoin ETF sees record $875M inflow—What next for BTC?

• BlackRock’s IBIT spot Bitcoin ETF saw record inflows, marking strong investor interest.
• Bitcoin ETF’s demand hinted at the asset surpassing Satoshi Nakamoto’s holdings, signaling institutional confidence.

Since its debut, spot Bitcoin [BTC] Exchange-Traded Funds (ETFs) have attracted widespread interest, although success has varied among providers.

While BlackRock’s IBIT saw impressive inflows surpassing $25 billion since its launch on the 11th of January, Grayscale’s GBTC, conversely, recorded a significant $20 billion in total outflows.

Blackrock’s Bitcoin ETF breaks record

BlackRock’s spot BTC ETF (IBIT) saw a major milestone, recording its largest single-day inflow since January. 

Data from Farside Investors revealed that on the 30th of October, amid a crypto market rally, IBIT pulled in $875 million. IBIT has now surpassed its previous record inflow of $849 million, set on March 12th.

This recent surge marked IBIT’s thirteenth consecutive day of inflows. IBIT accumulated around $4.08 billion during this period.

In contrast, Ethereum ETFs faced challenges, with only $4.4 million in inflows on the same day and BlackRock’s ETHA recorded no new investments during the same period.

How did Bitcoin ETFs help Bitcoin?

Speculation among traders suggests that a billion-dollar inflow day might be on the horizon, underscoring growing market confidence in BlackRock’s Bitcoin ETF as investor demand continues to accelerate.

Source: X

This coincided with Bitcoin recently surging to an impressive $72,247.96, reflecting a strong 7.3% weekly increase.

However, according to CoinMarketCap’s latest update, BTC has seen a minor 0.17% dip over the past 24 hours.

The recent rise in BTC ETF inflows highlighted that institutional and retail investors are increasingly investing in Bitcoin through these funds, signaling heightened market confidence and demand for BTC.

This trend points to a positive outlook for Bitcoin. Many speculate that continued inflows could further support upward price momentum.

Remarking on the same, ecoinometrics noted, 

Source: Ecoinometrics/X

Will Blackrock’s Bitcoin ETF surpass Satoshi’s holdings?

With inflows soaring, speculation is growing that U.S. spot Bitcoin ETFs could exceed Satoshi Nakamoto’s BTC holdings.

Bloomberg’s Senior ETF Analyst, Eric Balchunas, acknowledged this possibility, highlighting the ETF inflows as significant for Bitcoin’s growing institutional traction.

As more investors buy into these funds, BTC ownership could change significantly.  ETF holdings might surpass those of Bitcoin’s mysterious creator.

Source: Eric Balchunas/X