Since its inception, Exchange-Traded Funds (ETFs) for Bitcoin have garnered significant attention, with different levels of success observed among various providers.
While BlackRock’s IBIT experienced an impressive influx exceeding $25 billion since its launch on January 11th, Grayscale’s GBTC, on the other hand, reported substantial outflows totaling $20 billion.
Record-Breaking Performance of BlackRock’s Bitcoin ETF
The spot BTC ETF by BlackRock (IBIT) achieved a remarkable feat by registering its highest single-day inflow since January.
Information from Farside Investors indicated that on October 30th, amidst a surge in the crypto market, IBIT attracted $875 million. This surpasses its previous record inflow of $849 million, which was recorded on March 12th.
This recent surge marked IBIT’s thirteenth consecutive day of inflows, amassing approximately $4.08 billion during that time frame.
In contrast, Ethereum ETFs faced challenges, with a mere $4.4 million inflow on the same day, while BlackRock’s ETHA reported no new investments during that period.
The Impact of Bitcoin ETFs on Bitcoin’s Performance
There is speculation among traders that a day with inflows exceeding a billion dollars could be on the horizon, indicating a growing market trust in BlackRock’s Bitcoin ETF as investor interest continues to rise.
This coincided with Bitcoin achieving a remarkable surge to $72,247.96 recently, reflecting a notable 7.3% increase for the week.
Nevertheless, as per CoinMarketCap’s latest data, BTC experienced a slight 0.17% decrease in the past 24 hours.
The recent increase in BTC ETF inflows underlines the rising trend of institutional and retail investors opting for Bitcoin through these channels, signaling increased market confidence and desire for BTC.
This development bodes well for Bitcoin’s future, with many predicting that sustained inflows could further propel the upward momentum of its price.
Reflecting on this trend, ecoinometrics remarked,
Could Blackrock’s Bitcoin ETF Surpass Satoshi’s Holdings?
As the inflows soar, speculations are emerging that U.S. Bitcoin ETFs could surpass the holdings of Satoshi Nakamoto.
Eric Balchunas, Bloomberg’s Senior ETF Analyst, acknowledged this likelihood, emphasizing the significance of ETF inflows in advancing Bitcoin’s institutional appeal.
With an increasing number of investors participating in these funds, the ownership landscape of BTC could undergo significant changes. The ETF holdings might even exceed those of Bitcoin’s enigmatic creator.