BlackRock’s Bitcoin ETF Sees Record $872 Million Inflows This Week

On Wednesday, BlackRock, the world’s largest asset manager, reached a milestone in the Bitcoin ETF market with record inflows since these funds began in January.

Bitcoin ETF Demand Soars Ahead Of US Presidential Election

Bloomberg reports that approximately $872 million flowed into BlackRock’s iShares Bitcoin Trust, marking a daily record. This reflects strong demand for Bitcoin ETFs, with subscriptions ranking among the highest globally for ETFs in 2024.

BlackRock's total Bitcoin holdings now amount to 429,185 BTC, valued at around $31.04 billion, representing about 2.04% of Bitcoin's capped supply of 21 million coins.

The inflows are linked to the "Trump trade," as Republican nominee Donald Trump gains traction in betting markets ahead of the November 5 election.

October has seen Bitcoin rally by 13%, with James Seyffart, an ETF analyst at Bloomberg Intelligence, noting on Bloomberg Television that investor interest is driven by both Bitcoin's upward momentum and Trump's favorable political odds.

Trump has pledged to make the US the "crypto capital of the planet" and to establish a strategic Bitcoin reserve to reduce the national debt of $35 trillion.

Conversely, Democratic Vice President Kamala Harris supports a regulatory framework for cryptocurrencies but lacks specifics on addressing industry calls for changes at the SEC regarding digital assets.

Price Predictions Surge

Market expert Ali Martinez has shared insights on Bitcoin's potential price trajectory amid bullish predictions.

In a recent post on social media platform X (formerly Twitter), Martinez noted that Bitcoin typically peaks between the 1.618 and 2.272 Fibonacci retracement levels during past bull cycles. He predicts a potential price range of $174,000 to $462,000 in the current cycle.

Additionally, Martinez highlighted a significant outflow of Bitcoin from exchanges, with approximately 8,000 BTC, valued at around $576 million, withdrawn in the last 48 hours. This trend indicates a growing preference among investors to hold Bitcoin rather than sell, potentially exerting upward pressure on prices as BTC approaches its all-time high of $73,700 from March.

Bitcoin ETF

As of writing, BTC was trading at $71,640, reflecting a 1.2% decrease over the past 24 hours.

Featured image from DALL-E, chart from TradingView.com