Bitcoin ETF

Bitcoin

Million

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-etf-market-surpasses-1-million-btc-as-blackrocks-ibit-leads/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin ETF Market Surpasses 1 Million BTC as BlackRock’s IBIT Leads</a> 
The Bitcoin ETF market reached a significant milestone, exceeding 1 million BTC just ten days after its launch. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) ETF has drawn attention due to its strong performance and substantial inflows.
<h2 style="text-align: justify" id="strong-blackrock-ibit-spot-bitcoin-etf-takes-the-lead-strong">BlackRock IBIT Spot Bitcoin ETF Takes the Lead</h2>
On Wednesday, October 30, spot Bitcoin ETF inflows soared to $893 million, marking the second-highest daily inflow since the January 2024 launch. The BlackRock IBIT ETF alone accounted for over $870 million, bringing its total volume to $25.5 billion, representing the largest daily inflow for IBIT to date.
These developments pushed the total Bitcoin held in nine US spot ETFs above the 1 million mark.
ETF analyst Eric Balchunas stated, “BlackRock’s significant inflow into the IBIT ETF has raised the level of US spot ETFs above 1 million Bitcoin.”
<h2 style="text-align: justify" id="strong-interest-in-bitcoin-grows-ahead-of-us-elections-strong">Interest in Bitcoin Grows Ahead of US Elections</h2>
The surge in interest for spot Bitcoin ETFs indicates that institutional investors are building substantial positions. Bloomberg ETF strategist Eric Balchunas noted that individual investors initially dominated, but institutional investors are increasing their share. Currently, about 20% of ETF holdings are owned by institutions, with projections suggesting this could reach 40% within a year.
As the US elections approach, these developments are boosting optimism among investors. Major companies like MicroStrategy continue to strengthen their positions by purchasing Bitcoin.
ETF strategist Sean McNulty remarked, “A target of $42 billion is ambitious but not impossible,” suggesting that as Bitcoin rises, achieving this goal may become feasible.
Bitcoin is currently trading around $72,200, testing new highs. The market could become even more dynamic with the US elections, potentially driving BTC to new records in November.
These developments indicate rapid growth in Bitcoin ETFs and heightened interest from market participants in digital assets. Investors continue to strengthen their positions in Bitcoin ahead of the US elections.
The post <a href="https://en.coin-turk.com/bitcoin-etf-market-surpasses-1-million-btc-as-blackrocks-ibit-leads/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin ETF Market Surpasses 1 Million BTC as BlackRock’s IBIT Leads</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Bitcoin ETF Market Surpasses 1 Million BTC as BlackRock’s IBIT Leads

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