Yesterday was a major flux for U.S. spot Bitcoin ETFs, as trading volume sailed over $5 billion—a colossal spike fueled by Bitcoin’s high-octane journey near its all-time high. BlackRock’s iShares Bitcoin Trust (IBIT) stole the spotlight, drawing in $3.3 billion in trades and logging the fund’s second-largest day yet. With fresh inflows hitting $642 million, institutional players showed no hesitation in their BTC bets, keeping the ETF firmly on the radar of market giants.
Meanwhile, Fidelity’s Wise Origin Bitcoin Fund (FBTC) was no idle player, securing the second-highest inflows of the day with $133 million, riding a robust $549 million in trades. Notably, however, Grayscale Bitcoin Trust (GBTC) moved in the opposite direction, recording $17.3 million in outflows despite a $390 million trading volume. This left some puzzled but hints at recalibration from players prioritizing newer ETF options over GBTC’s legacy trust model.
October Inflows Set Records as ETFs Hoard Billions in BTC
With BTC ETFs collectively grabbing an eye-popping $5 billion in inflows for October, the sector has hit new heights, accumulating a total $42.9 billion in Bitcoin holdings. Analytics firm Ecoinometrics weighed in, stating, “The only thing that matters with the ETFs is how many bitcoins they accumulate over a fixed period of time.” Ecoinometrics underscores this phase as peak demand pressure—a condition not seen since March, they said, as institutions line up for BTC exposure on the spot.
For the past 12 months, Bitcoin ETFs have powered BTC’s rise, bolstering crypto momentum at a macro scale. Crypto analyst Checkmate observed an interesting divergence, noting in a post on X that CME open interest didn’t follow the ETF inflows trend. “We’re seeing true directional ETF inflows, and less so cash and carry trades,” Checkmate noted, suggesting players are focusing more on long-term BTC staking rather than near-term yields.
Bitcoin Inches Near ATH as Trading Hits $53 Billion
Bitcoin traded at $72,376 as of writing, a few hundred dollars shy of its record $73,738. An intraday high of $73,544 showed the market heat, and in just 24 hours, Bitcoin volume reached $53.42 billion, underscoring the rally’s intensity.
As Bitcoin ETFs stack holdings and investors throw down capital at breakneck speed, BTC’s price remains tantalizingly close to uncharted waters, with traders glued to every price tick.
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