On October 29, U.S.-based Bitcoin spot exchange-traded funds (ETFs) recorded historic inflows, amounting to $870 million. BlackRock’s iShares Bitcoin Trust (IBIT) led with an impressive $643 million inflow, as reported by SoSo Value. Daily trading volume for IBIT surged to $3.35 billion, the highest level in over six months, reflecting robust interest from investors.
Bitcoin Price Surges Above $72,000
This record ETF activity coincided with Bitcoin’s price rally, hitting $72,390 on October 29—just 2% shy of its all-time high. Bloomberg ETF analyst Eric Balchunas cited the influx as evidence of “FOMO” (fear of missing out) momentum among investors, further confirmed by a significant daily inflow of $599.8 million into BlackRock’s ETF.
Balchunas observed heightened trading volumes across all major Bitcoin ETFs over the past two days, hinting at a market-wide uptick in investor enthusiasm. He speculated that this surge could result from either high-frequency arbitrage or genuine speculative interest from new participants, especially if these volumes remain consistent.
Galaxy Digital’s head of research, Alex Thorn, noted that October 29 marked the third-highest day for Bitcoin ETF trading volume since April 2024. Other ETFs, such as the Grayscale Bitcoin Trust (GBTC), also experienced strong interest, with $390.32 million in trading volume, second only to BlackRock’s IBIT. The collective trading volume across all U.S. spot Bitcoin ETFs reached $4.64 billion on October 29, with IBIT accounting for approximately 38%.
Although the increase in trading volume doesn’t necessarily signify new capital inflow, IBIT has maintained consistent inflows for twelve days, totaling approximately $3.2 billion since October 10, as reported by Farside data. This strong momentum aligns with Bitcoin’s recent surge above $70,000 for the first time since June, signaling the possibility of reaching a new all-time high.
Bitcoin Approaches All-Time High Amid ‘Perfect Storm’
Bitfinex analysts forecast a “perfect storm” that could propel Bitcoin to a fresh all-time high in the coming weeks. Analysts attribute this outlook to several factors, including potential election outcomes and traditionally bullish Q4 market conditions.
The Bitfinex report highlighted a “Trump trade” narrative, where investors anticipate reduced regulatory scrutiny on crypto assets if Trump wins the upcoming U.S. presidential election. Trump’s favorable polling on Polymarket, where he leads against Vice President Kamala Harris, has amplified this sentiment, though national polls present a tighter race.
Analysts speculate that, should Bitcoin’s upward momentum continue, election-related factors and year-end positioning could drive it to surpass its previous high of $73,800, sparking further investor enthusiasm.
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