Bitcoin ETFs Recorded A Massive $870 Million Inflows Led BY Blackrock! Is $80,000 Next?
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Bitcoin ETFs in the U.S. saw a massive $870 million inflow on Tuesday, fueled by Bitcoin’s price rally toward its all-time high. Leading the charge, BlackRock’s IBIT ETF pulled in $629 million, with Fidelity’s FBTC and Bitwise’s BITB also drawing strong interest. Bitcoin briefly hit $73,000 its highest since March as analysts speculate that a $80,000 price target could be within reach by November. Record ETF Inflows Signal Strong Interest Among the top-performing ETFs, BlackRock’s IBIT brought in $629 million alone, followed by Fidelity’s FBTC with $133 million and Bitwise’s BITB with $52 million. Together, these funds helped push trading volumes to $4.75 billion—the highest since March. Notably, BlackRock’s IBIT ETF has seen steady inflows for 12 consecutive days, totaling $3.2 billion since October 10. This consistent interest mirrors Bitcoin’s recent performance, as the cryptocurrency broke past the $73,000 mark for the first time since March. The rise in ETF inflows signals growing investor confidence in Bitcoin, especially with the U.S. elections approaching—a time when traders expect increased market volatility. With options bets hinting at a possible $80,000 BTC price target in November, traders are becoming more optimistic about Bitcoin’s short-term growth. FOMO Drives ETF Demand As Bitcoin rose 3% on Tuesday, bringing its weekly gain to 7.7%, it sparked a wave of “Fear of Missing Out” (FOMO) among investors. Bloomberg analyst Eric Balchunas noted that this increase in trading volume is unusual for a market uptrend, as high volumes usually appear during market drops. BlackRock’s IBIT ETF alone saw $3.3 billion in trades, showing strong interest from investors wanting to join in on Bitcoin’s recent rise. Bitcoin Price Analysis Currently, Bitcoin is edging toward its all-time high, with analysts focused on key technical levels. On Tuesday, BTC briefly passed $73,000, its highest level since March, as it continues to…
Filed under: News - @ October 30, 2024 7:21 am