You can also read this news on COINTURK NEWS: Bitcoin ETF Market Surpasses 1 Million BTC as BlackRock’s IBIT Leads
The Bitcoin ETF market reached a significant milestone, exceeding 1 million BTC just ten days after its launch. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) ETF has drawn attention due to its strong performance and substantial inflows.
BlackRock IBIT Spot Bitcoin ETF Takes the Lead
On Wednesday, October 30, Bitcoin ETF inflows surged to $893 million, marking the highest daily inflow since its launch in 2024. The BlackRock IBIT ETF alone accounted for over $870 million , bringing its total volume to $1 billion, which is the largest daily inflow to IBIT to date. These developments pushed the total Bitcoin held in nine US spot ETFs above the 1 million mark. ETF analyst Eric Balchunas said : “BlackRock’s significant investment in the IBIT ETF has lifted the U.S. spot ETF above 1 million Bitcoins.
Interest in Bitcoin Grows Ahead of US Elections
Increasing interest in spot Bitcoin ETFs as institutional investors build substantial positions. Bloomberg ETF strategist Eric Balchunas noted that individual investors initially dominated, but institutional investors gained their share. Currently, about 20% of ETF assets are held by institutions, and projections suggest this could reach 40% within a year. As the US elections approach, these developments are reinforcing investor optimism. Large companies like MicroStrategy continue to strengthen their positions by buying Bitcoin. Sean McNulty, ETF strategist, said: “$42 billion target is ambitious but impossible,” suggesting that as Bitcoin rises, reaching the target could become achievable. Bitcoin is currently trading around $72,200, testing new highs. The market could get even more dynamic with the US, potentially pushing BTC to new record highs in November.