Bitcoin ETFs Receive $870M in Inflows

Listed spot Bitcoin ETFs in the United States yesterday saw an increase of over $870 million in net inflows, making it the third-highest day for inflows since their launch in January.

According to data from SoSoValue, BlackRock’s IBIT received the most inflows at $629 million, followed by Fidelity’s FBTC at $133 million, Bitwise’s BITB at $52 million, Grayscale’s mini Bitcoin trust (BTC) at $29 million, VanEck’s HODL at $16 million, and Ark’s ARKB at $12 million.

The only ETF to record net outflows was Grayscale’s Bitcoin trust (GBTC) at $17 million. The total trading volume for all ETFs surpassed $4.75 billion, the highest it has been since March, with IBIT alone accounting for $3.3 billion.

This surge in ETF demand coincides with Bitcoin’s price nearly reaching its all-time high on Tuesday, likely fueled by the anticipation of volatility surrounding the upcoming US elections.

Some experts predict that Bitcoin could reach $80,000 in November, regardless of the election results. This prediction is supported by a surge in options bets for that price range last week.