BlackRock’s Spot Bitcoin ETF Draws In Gargantuan $329 Million Inflow Despite BTC’s Sharp Pullback From $69K ⋆ ZyCrypto

The world’s largest asset manager, BlackRock, attracted $329 million in inflows on Oct. 21 for its spot Bitcoin exchange-traded fund (ETF). iShares Bitcoin Trust’s large daily inflow took place alongside a tumble in the Bitcoin price following a failed challenge of the $70,000 level.

IBIT Sees $1.5 Billion In Net Inflows In Just Six Days

The 12 spot Bitcoin ETFs in the U.S. registered total net inflows of $294.3 million on Monday, exceeding the positive flows that continued over the past week.

The inflows were led by BlackRock’s IBIT, which recorded $329 million in inflows yesterday, according to data from Farside Investors. Notably, a whopping $1.5 billion of fresh capital went into the fund in the last six days.

The Fidelity Wise Origin Bitcoin Fund (FBTC) was the only other U.S.-listed spot Bitcoin ETF to post an inflow of $5.9 million. In contrast, others fell out of investor favor, posting zero or negative flows.

According to Bloomberg’s senior ETF analyst, Eric Balchunas, IBIT recorded the third-biggest ETF inflows in 2024, surpassing Vanguard and BlackRock’s  S&P 500 index funds.

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Cumulatively, total net inflows for Bitcoin ETFs have reached $21.3 billion. And that’s even accounting for the $20.05 billion that has exited from Grayscale’s GBTC, Farside numbers show.

Bitcoin Dips

Bitcoin hit a new all-time high of nearly $74K just two months after the U.S. Securities and Exchange Commission (SEC) greenlighted 10 spot Bitcoin exchange-traded funds in January after a decade of rejections.

Notably, investors and traders in the United States feel more bullish that a Donald Trump presidency is likely. The former President and Republican presidential nominee is taking another shot at the Oval Office — and is passionately pro-crypto. His rival Kamala Harris has been much slower in embracing the crypto sector.

Bitcoin briefly peeped above the elusive $69,000 mark on Monday before swiftly falling below $67,000. The alpha crypto has since slightly recovered, hovering at  $67,162 as of press time, representing a 1.7% drop on a 24-hour basis.