{"id":650948,"date":"2024-11-01T06:30:48","date_gmt":"2024-11-01T06:30:48","guid":{"rendered":"https:\/\/uniquehot.com\/?p=650948"},"modified":"2024-10-31T14:26:13","modified_gmt":"2024-10-31T14:26:13","slug":"blackrocks-bitcoin-etf-reaches-2-of-total-btc-supply-amid-record-inflows","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/blackrocks-bitcoin-etf-reaches-2-of-total-btc-supply-amid-record-inflows\/","title":{"rendered":"BlackRock\u2019s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows"},"content":{"rendered":"<p><span style=\"font-weight: 400\">On Wednesday, BlackRock, the world\u2019s 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.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin ETF Demand Soars Ahead Of US Presidential Election<\/span><\/h2>\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-31\/blackrock-ibit-bitcoin-etf-gets-record-inflow-on-trump-trade\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">According <\/span><\/a><span style=\"font-weight: 400\">to Bloomberg, approximately $872 million flowed into BlackRock\u2019s 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As a result of the inflows, BlackRock\u2019s total holdings in Bitcoin now stand at 429,185 BTC, valued at approximately $31.04 billion. This accounts for about 2.04% of Bitcoin\u2019s total supply, capped at 21 million coins.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The recent inflows are being attributed to a phenomenon dubbed the &#8220;Trump trade,&#8221; as pro-crypto Republican nominee <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/trumps-vision-america-to-reign-as-crypto-bitcoin-epicenter-latest-statement-reveals\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Donald Trump<\/span><\/a><span style=\"font-weight: 400\"> gains momentum in betting markets ahead of the upcoming election day on November 5.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/bnb\/bnb-price-slips-600\/\" target=\"_blank\" rel=\"noopener \">BNB Price Slips as Peers Climb: Can It Regain Ground?<\/a><\/div>\n<p><span style=\"font-weight: 400\">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\u2019s <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-125000-trump-win-standard-chartered\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">upward momentum <\/span><\/a><span style=\"font-weight: 400\">but also to Trump\u2019s favorable odds in the political arena.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Trump has made headlines with his pledge to turn the US into the &#8220;crypto capital of the planet&#8221; and to create a strategic Bitcoin reserve for the country to halve the US&#8217;s $35 trillion national debt.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In contrast, Democratic Vice President<\/span><a href=\"https:\/\/uniquehot.com\/news\/qcp-capital-on-bitcoin-2024-us-election-could-steer-the-cryptos-future\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> Kamala Harris<\/span><\/a><span style=\"font-weight: 400\">, 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&#8217;s calls for a change in leadership at the US Securities and Exchange Commission (SEC) and its approach to digital assets.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Price Predictions Surge<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Amid<\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-price-dynamics-analyzing-the-effect-of-trumps-political-agenda-on-crypto-markets\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> bullish predictions<\/span><\/a><span style=\"font-weight: 400\"> for the leading crypto of the industry, market expert Ali Martinez has shared compelling insights regarding Bitcoin&#8217;s potential price trajectory for the months ahead.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In a recent <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/06840369\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">post <\/span><\/a><span style=\"font-weight: 400\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">If this trend continues, Martinez predicts that Bitcoin could reach a price range between $174,000 and $462,000 in the current cycle.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/analyst-says-its-time-to-be-bullish-on-ethereum-as-eth-retests-2700\/\" target=\"_blank\" rel=\"noopener \">Analyst Says It\u2019s \u2018Time To Be Bullish On Ethereum\u2019 As ETH Retests $2,700<\/a><\/div>\n<p><span style=\"font-weight: 400\">In addition to these price predictions, Martinez pointed to another bullish indicator: a significant <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/30530162\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">outflow <\/span><\/a><span style=\"font-weight: 400\">of Bitcoin from cryptocurrency exchanges. Over the past 48 hours, approximately 8,000 BTC, valued at around $576 million, have been withdrawn from exchanges.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.\u00a0<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/gNqWthv6\/\" alt=\"Bitcoin ETF\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows BTC&#8217;s price retracing below the key $72,000 level. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, BTC was trading at $71,640. This represents a retracement of 1.2% over the past 24 hours.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Wednesday, BlackRock, the world\u2019s 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.\u00a0 Bitcoin ETF Demand Soars Ahead Of US Presidential Election According to Bloomberg, approximately $872 million flowed into BlackRock\u2019s 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.\u00a0 As a result of the inflows, BlackRock\u2019s total holdings in Bitcoin now stand at 429,185 BTC, valued at approximately $31.04 billion. This accounts for about 2.04% of Bitcoin\u2019s total supply, capped at 21 million coins. The recent inflows are being attributed to a phenomenon dubbed the &#8220;Trump trade,&#8221; as pro-crypto Republican nominee Donald Trump gains momentum in betting markets ahead of the upcoming election day on November 5.\u00a0 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\u2019s upward momentum but also to Trump\u2019s favorable odds in the political arena. Trump has made headlines with his pledge to turn the US into the &#8220;crypto capital of the planet&#8221; and to create a strategic Bitcoin reserve for the country to halve the US&#8217;s $35 trillion national debt.\u00a0 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&#8217;s calls for a change in leadership at the US Securities and Exchange Commission (SEC) and its approach to digital assets.\u00a0 Price Predictions Surge Amid bullish predictions for the leading crypto of the industry, market expert Ali Martinez has shared compelling insights regarding Bitcoin&#8217;s potential price trajectory for the months ahead.\u00a0 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.\u00a0 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\u2019s \u2018Time To Be Bullish On Ethereum\u2019 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.\u00a0 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.\u00a0 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<\/p>\n","protected":false},"author":589,"featured_media":650949,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,532,90555,9960,656,679,7756,755,89704,1119,1122,1144,78790,6664,26263,14690],"class_list":["post-650948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-etf-news","tag-bitcoin-etfs","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-signals","tag-bitcoin-technical-analysis","tag-blackrock-spot-bitcoin-etf","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>BlackRock\u2019s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows<\/title>\n<meta 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