870 million USD poured into BTC ETF funds on the day Bitcoin approached ATH!
Today (October 30), BTC (Bitcoin) continues its series of soaring days, approaching the all-time high (ATH) with just a few hundred dollars left.
Specifically, BTC reached a peak of 73,600 USD, just 0.3% away from the old ATH in March this year. This is also the highest price of BTC in the last 6 months.
However, the rise of BTC has shown signs of cooling after a hot increase in recent days. As of the time of writing, BTC is currently trading around 72,100 USD - down more than 2% from the day's highest price.
According to data from CoinGecko, the market capitalization of BTC is around 1.42 trillion USD, with Spot trading volume in the past 24 hours surging to over 56 billion USD. The rise of BTC coincided with the price of Gold continuously setting new peaks - at one point reaching 2,788 USD.
The rise of BTC over the past 3 weeks has been significantly influenced by the large inflows continuously pouring into Spot BTC ETF funds in the United States.
According to data from Farside investors, BTC ETF funds saw inflows of up to 870 million USD on October 29. The main buying force continues to come from BlackRock's IBIT fund with nearly 643 million USD (the largest amount in the past 7 months), while no funds were withdrawn.
The trading volume of the IBIT fund also skyrocketed to 3.36 billion USD - the highest since March 14 of this year. The total trading volume of 12 BTC ETF funds reached 4.75 billion USD on October 29, nearly 60% higher than the 3 billion USD on October 28.
Eric Balchunas (Bloomberg's senior ETF analyst) noted that the skyrocketing trading volume of IBIT is 'a bit strange'. He believes that typically, ETF volume only spikes dramatically during crises or when extreme FOMO appears.
From October 11 to October 29, BTC ETF funds saw 12 out of 13 trading sessions with positive cash flow, with net inflows in the last 13 sessions totaling over 4.7 billion USD.
The recent rise of BTC has been driven by a series of positive macro factors such as the FED cutting interest rates combined with a massive money pump package from China.
In addition, BTC also attracted significant capital from U.S. investors ahead of the presidential election scheduled for November 5. According to Polymarket, Trump's winning odds have surged to 66%, and if he wins, it will be very positive news for the Crypto market.
Although BTC is only a few percent away from ATH, many Altcoins are still 'struggling' at the bottom. The reason is that the BTC.D (Bitcoin Dominance) index has surged above 60% - the highest in nearly 4 years.
