As the U.S. presidential election draws near, investors are flocking to spot Bitcoin ETFs at record levels. BlackRock’s iShares Bitcoin Trust (IBIT) saw a remarkable inflow of over $872 million on Wednesday, marking its highest daily intake since its launch in January. This new record broke the previous high set in March. According to BTCMarkets analyst Rachael Lucas, IBIT’s recovery aligns with central banks’ trends to ease interest rates and anticipation for a potentially crypto-friendly administration under Donald Trump.
On Wednesday alone, total spot Bitcoin ETF inflows in the U.S. reached $893.21 million, with Fidelity’s FBTC contributing a notable $12.57 million. Six other Bitcoin ETFs saw smaller inflows, while Bitwise’s BITB recorded a net outflow of $23.89 million, the day’s only negative balance.
Investors Eye Bitcoin as U.S. Election Approaches
With the election fast approaching, interest in Bitcoin ETFs is expected to remain high. “Ahead of the election, Bitcoin ETFs are emerging as a hedge against economic uncertainty,” Lucas notes, warning that this period may bring increased volatility. Investors are closely monitoring regulatory comments, poll data, and upcoming economic reports, while the post-election Federal Open Market Committee (FOMC) meeting and tech giants’ financial reports also remain in focus.
As of Wednesday, cumulative net inflows for U.S.-based spot Bitcoin ETFs reached $24.18 billion, with a total trading volume of $1.97 billion, a slight decline from the previous day.
Spot Bitcoin ETFs Poised to Surpass Satoshi Nakamoto’s Holdings
Bloomberg Senior ETF Analyst Eric Balchunas reports that BlackRock’s record-breaking inflows are edging U.S. spot Bitcoin ETFs toward a combined holding of 1 million BTC. He projects that by the end of November, spot Bitcoin ETFs could surpass Satoshi Nakamoto’s 1.1 million BTC, making them the largest Bitcoin holder.
Meanwhile, spot Ethereum ETFs saw modest net inflows as well, with FETH receiving $5.32 million and CETH $2.66 million. Bitwise’s ETHW, however, recorded a net outflow of $3.63 million, leaving the combined trading volume at $220 million, lower than anticipated.
With Bitcoin trading around $72,300 and approaching its all-time high of $73,500, analysts are considering the potential for new short-term peaks. Presto Research analyst Min Jung suggests that breaking the $73,800 resistance could ignite a fresh rally.
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spot Bitcoin ETFs, BlackRock, U.S. election, Satoshi Nakamoto, market inflows
