BlackRock’s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows
01 Novembre 2024 - 7:30AM
NEWSBTC
On Wednesday, BlackRock, the world’s largest asset manager,
achieved a significant milestone in the Bitcoin ETF market,
recording the largest inflows since the inception of these
investment funds in January. Bitcoin ETF Demand Soars Ahead
Of US Presidential Election According to Bloomberg, approximately
$872 million flowed into BlackRock’s iShares Bitcoin Trust on
Wednesday, marking a daily record for the fund. This influx
highlights the strong demand for Bitcoin ETFs, with subscriptions
for this nine-month-old product ranking among the highest globally
for ETFs in 2024. As a result of the inflows, BlackRock’s
total holdings in Bitcoin now stand at 429,185 BTC, valued at
approximately $31.04 billion. This accounts for about 2.04% of
Bitcoin’s total supply, capped at 21 million coins. The recent
inflows are being attributed to a phenomenon dubbed the “Trump
trade,” as pro-crypto Republican nominee Donald Trump gains
momentum in betting markets ahead of the upcoming election day on
November 5. Related Reading: BNB Price Slips as Peers Climb:
Can It Regain Ground? Bitcoin is on the verge of reaching new
heights, fueled by a 13% rally in October. James Seyffart, an ETF
analyst at Bloomberg Intelligence, noted on Bloomberg Television
that the demand for these ETFs is palpable, suggesting that
investors are responding not only to Bitcoin’s upward momentum but
also to Trump’s favorable odds in the political arena. Trump has
made headlines with his pledge to turn the US into the “crypto
capital of the planet” and to create a strategic Bitcoin reserve
for the country to halve the US’s $35 trillion national debt.
In contrast, Democratic Vice President Kamala Harris, has pledged
to support a regulatory framework for the cryptocurrency industry
but has not provided further details on how her potential new
administration will address the community’s calls for a change in
leadership at the US Securities and Exchange Commission (SEC) and
its approach to digital assets. Price Predictions Surge Amid
bullish predictions for the leading crypto of the industry, market
expert Ali Martinez has shared compelling insights regarding
Bitcoin’s potential price trajectory for the months ahead. In
a recent post on social media platform X (formerly Twitter),
Martinez analyzed historical patterns, noting that Bitcoin has
typically peaked between the 1.618 and 2.272 Fibonacci retracement
levels during past bull cycles. If this trend continues,
Martinez predicts that Bitcoin could reach a price range between
$174,000 and $462,000 in the current cycle. Related Reading:
Analyst Says It’s ‘Time To Be Bullish On Ethereum’ As ETH Retests
$2,700 In addition to these price predictions, Martinez pointed to
another bullish indicator: a significant outflow of Bitcoin from
cryptocurrency exchanges. Over the past 48 hours, approximately
8,000 BTC, valued at around $576 million, have been withdrawn from
exchanges. This trend signifies a growing inclination among
investors to hold onto their Bitcoin rather than sell it, which can
create upward pressure on prices as BTC inches closer to its
all-time high level of $73,700 reached in March. At the time
of writing, BTC was trading at $71,640. This represents a
retracement of 1.2% over the past 24 hours. Featured image from
DALL-E, chart from TradingView.com
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