Key Takeaways
- Bitcoin ETFs attracted $1 billion in inflows in just three days.
- BlackRock's IBIT led with $760 million of the total inflows.
- Institutional demand is being driven by US election dynamics.
Bitcoin ETFs witnessed a massive surge in investor interest, pulling in over $1 billion in inflows over the past three trading days.
Leading the charge was BlackRock’s IBIT, attracting $760 million of this total.
Inflows
The inflows, spurred by increasing institutional demand, come as Bitcoin trades above $67,000, with many eyeing a return to its all-time high of $73,777.
Monday, October 14, saw the largest single-day net inflow, totaling $555.86 million.
Election dynamics
Much of the investment attention has centered on US election-related dynamics, pushing total ETF inflows for October to $19.73 billion. BlackRock’s position in the market remains dominant, with $288.8 million of inflows recorded on October 15 alone.
Research firms like CoinShares suggest that the election has reignited interest in Bitcoin rather than Ethereum, which has struggled to attract similar enthusiasm.
Robert Mitchnick, BlackRock’s head of digital assets, pointed out that Ethereum investments remain more complicated, contributing to the gap in flows between Bitcoin and other digital assets.
