Bitcoin (BTC) briefly reached a new all-time high (ATH) of $73,540 on October 29, driven by unprecedented inflows into Bitcoin Exchange-Traded Funds (ETFs) totaling $870 million. This surge follows significant market activity, with institutions and investors showing renewed interest in the crypto market.
Key Highlights
- BTC ETF inflows on October 29: $870 million, with BlackRock’s IBIT ETF leading at $643 million.
- BTC’s latest trading range: Bitcoin is hovering above $72,000, reflecting a 2% rise in the last 24 hours.
- Previous ATH: BTC’s prior record high of $73,400 was set in March 2024.
Bitcoin’s Price Action
On October 29, Bitcoin surged past the $73,500 mark, setting a new ATH before pulling back to just under $72,000. This rally reflects growing institutional involvement, particularly through Bitcoin ETFs, which have become a key driver of BTC’s recent price momentum.
Breakdown of ETF Inflows on October 29
Bitcoin ETFs recorded one of the largest daily inflows since June 2024. Below is a detailed breakdown of the day’s activity:
- BlackRock’s IBIT ETF: $643 million
- Fidelity’s FBTC ETF: $134 million
- Bitwise’s BITB ETF: $52.5 million
- Grayscale’s BTC ETF: $29 million
- VanEck’s HODL ETF: $16.5 million
- Ark Invest and 21Shares Bitcoin ETF: $12.3 million
However, Grayscale’s GBTC product experienced outflows of $17.3 million. No other notable inflows or outflows were reported across other crypto products.
Institutional Demand Driving Crypto Market Momentum
October 29 marked the largest single-day inflow into Bitcoin ETFs since June 4, 2024, when inflows totaled $886 million. As of the same date, the total net assets held by Bitcoin ETFs reached $72.5 billion, with cumulative flows exceeding $23.2 billion since their launch in January.
According to SoSoValue data, the streak of positive inflows began on October 11, with only one day of outflows reported on October 22. This trend suggests sustained interest from institutional investors.
Analyst Insights and Market Outlook
Bloomberg analyst Eric Balchunas highlighted that BlackRock’s IBIT ETF alone traded $3.3 billion on October 29—the highest daily volume in six months. He noted that further inflows are likely as investor sentiment strengthens, potentially fueled by FOMO (Fear of Missing Out).
Balchunas also cautioned that market volatility could increase in the coming days, especially with critical macroeconomic events and the upcoming U.S. elections on the horizon.
Conclusion
Bitcoin’s new ATH underscores the growing influence of institutional investments through Bitcoin ETFs. With significant capital continuing to flow into the market, BTC may remain bullish in the short term. However, traders should be mindful of potential volatility ahead, driven by macroeconomic developments and election-related uncertainties.
