Markets.com Logo
euEnglish
LoginSign Up

Crypto market surges: Bitcoin ETF inflows reached $870 million

Oct 31, 2024
3 min read
Table of Contents
  • 1. BlackRock’s IBIT Leads ETF Inflows with $629 Million
  • 2. Traders Bet on Bitcoin Hitting $80,000 Amid Market Optimism

bitcoin-dropping-width-1200-format-jpeg.jpg

On Tuesday, Bitcoin ETFs saw their third-highest daily inflow of $870 million as the cryptocurrency market regained momentum, with Bitcoin nearing its all-time high and Shiba Inu making significant gains.
 


BlackRock’s IBIT Leads ETF Inflows with $629 Million


BlackRock’s IBIT emerged as the clear leader among ETF products, attracting $629 million in single-day inflows. Fidelity’s FBTC followed with $133 million, while Bitwise’s BITB added $52 million to its holdings. The combined ETF trading volume reached $4.75 billion, marking the highest level since March.

Only one ETF product recorded outflows during this period. Grayscale’s bitcoin trust (GBTC) saw $17 million in net outflows, contrasting with the broader market trend. IBIT alone accounted for $3.3 billion in trading volume, showcasing strong investor interest.

The surge in ETF activity coincided with Bitcoin’s price movement toward record territory. The leading cryptocurrency touched $73,600, coming within $150 of its all-time high. This represented a weekly gain of 7.7%, demonstrating sustained upward momentum.

Market analysts noted unusual trading patterns during this period. Bloomberg ETF analyst Eric Balchunas pointed out that high trading volumes typically occur during market downturns rather than upswings. He suggested the current scenario might indicate a “FOMO-ing frenzy,” similar to patterns seen with other ETFs in previous market cycles.
 


Traders Bet on Bitcoin Hitting $80,000 Amid Market Optimism


Options market data indicates rising confidence among traders, with some betting on Bitcoin reaching $80,000 by November. This optimism remains strong despite the potential volatility associated with next week’s U.S. elections.

In the broader cryptocurrency landscape, Shiba Inu (SHIB) has made notable strides, hitting a one-month high of $0.00001957. Its market capitalization has surpassed $11 billion, positioning it as the 14th largest cryptocurrency, overtaking Avalanche.

Beyond price gains, SHIB's ecosystem is showing growth. The project’s burning mechanism has seen a 450% increase in activity over 24 hours, eliminating around 52 million tokens from circulation. Furthermore, Shibarium, SHIB's layer-2 scaling solution, reported a staggering 13,500% rise in daily transactions.

Technical indicators suggest potential short-term adjustments may be on the horizon. The Relative Strength Index (RSI) for SHIB has reached 70, a level typically seen as overbought and potentially signaling a price correction.

BlackRock’s IBIT has demonstrated consistent growth over the past twelve days, accumulating $3.2 billion since October 10. This upward trend corresponds with Bitcoin’s recent performance and reflects ongoing institutional interest in regulated cryptocurrency investments.

Market participants are keeping a close eye on these developments, particularly with the upcoming U.S. elections, which historically lead to increased market volatility. However, current trading patterns indicate strong investor confidence in the crypto sector.

The total trading volume across Bitcoin ETFs has reached its highest point in six months, highlighting renewed engagement with regulated cryptocurrency products. This increase in activity aligns with positive signals in the broader crypto market.

Currently, Bitcoin is holding support above the $72,635 level, seen as a critical threshold for potential further gains. Since the April halving event, the cryptocurrency has traded within a consolidation range of $54,147 to $69,500.

VanEck’s HODL and Ark’s ARKB contributed to the day’s inflows, adding $16 million and $12 million, respectively. These figures illustrate widespread participation across various ETF providers in the current market trend.
 



When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss. 

Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients. 


Risk Warning and Disclaimer: This article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform. Trading Contracts for Difference (CFDs) involves high leverage and significant risks. Before making any trading decisions, we recommend consulting a professional financial advisor to assess your financial situation and risk tolerance. Any trading decisions based on this article are at your own risk.

Frances Wang
Written by
Frances Wang
SHARE

Markets

  • Palladium - Cash

    chartpng

    --

    0.96%
  • EUR/USD

    chartpng

    --

    -0.15%
  • Cotton

    chartpng

    --

    0.04%
  • AUD/USD

    chartpng

    --

    -0.24%
  • Santander

    chartpng

    --

    -0.72%
  • Apple.svg

    Apple

    chartpng

    --

    0.53%
  • easyJet

    chartpng

    --

    -0.69%
  • VIXX

    chartpng

    --

    4.56%
  • Silver

    chartpng

    --

    1.02%
Tags DirectoryView all
Table of Contents
  • 1. BlackRock’s IBIT Leads ETF Inflows with $629 Million
  • 2. Traders Bet on Bitcoin Hitting $80,000 Amid Market Optimism

Related Articles

MP Materials Stock Surges 50%: What’s driving the MP Stock Growth?

MP Materials Stock Surges 50%: MP Materials Corp. has recently seen its stock price surge by an impressive 50%.

Ghko B|about 17 hours ago

Morning Note: Trump Escalates Tariffs; Gold Rises; Oil Demand Weakens

U.S. President Donald Trump announced that the United States will impose a 35% tariff on Canadian imports starting August 1, a sharp increase from the existing 25% rate.

Tommy Yap|about 17 hours ago

Stock market today: Nasdaq rallied to new highs as Nvidia hits $4T valuation

Stock market today: the Nasdaq Composite Index surged to new highs today, fueled primarily by Nvidia’s unprecedented achievement of reaching a $4 trillion market valuation.

Ghko B|1 day ago
Markets.com Logo
google playapp storeweb tradertradingView

Contact Us

support@markets.com+12845680155

Markets

  • Forex
  • Shares
  • Commodities
  • Indices
  • Crypto
  • ETFs
  • Bonds

Trading

  • Trading Tools
  • Platform
  • Web Platform
  • App
  • TradingView
  • MT4
  • MT5
  • CFD Trading
  • CFD Asset List
  • Trading Info
  • Trading Conditions
  • Trading Hours
  • Trading Calculators
  • Economic Calendar

Learn

  • News
  • Trading Basics
  • Glossary
  • Webinars
  • Traders' Clinic
  • Education Centre

About

  • Why markets.com
  • Global Offering
  • Our Group
  • Careers
  • FAQs
  • Legal Pack
  • Safety Online
  • Complaints
  • Contact Support
  • Help Centre
  • Sitemap
  • Cookie Disclosure
  • Regulation
  • Awards and Media

Promo

  • Gold Festival
  • Crypto Trading
  • marketsClub
  • Welcome Bonus
  • Loyal Bonus
  • Referral Bonus

Partnership

  • Affiliation
  • IB

Follow us on

  • Facebook
  • Instagram
  • Twitter
  • Youtube
  • Linkedin
  • Threads
  • Tiktok

Listed on

  • 2023 Best Trading Platform Middle East - International Business Magazine
  • 2023 Best Trading Conditions Broker - Forexing.com
  • 2023 Most Trusted Forex Broker - Forexing.com
  • 2023 Most Transparent Broker - AllForexBonus.com
  • 2024 Best Broker for Beginners, United Kingdom - Global Brands Magazine
  • 2024 Best MT4 & MT5 Trading Platform Europe - Brands Review Magazine
  • 2024 Top Research and Education Resources Asia - Global Business and Finance Magazine
  • 2024 Leading CFD Broker Africa - Brands Review Magazine
  • 2024 Best Broker For Beginners LATAM - Global Business and Finance Magazine
  • 2024 Best Mobile Trading App MENA - Brands Review Magazine
  • 2024 Best Outstanding Value Brokerage MENA - Global Business and Finance Magazine
  • 2024 Best Broker for Customer Service MENA - Global Business and Finance Magazine
LegalLegal PackCookie DisclosureSafety Online

Payment
Methods

mastercardvisanetellerskrillwire transferzotapay
The markets.com/za/ site is operated by Markets South Africa (Pty) Ltd which is a regulated by the FSCA under license no. 46860 and licensed to operate as an Over The Counter Derivatives Provider (ODP) in terms of the Financial Markets Act no.19 of 2012. Markets South Africa (Pty) Ltd is located at BOUNDARY PLACE 18 RIVONIA ROAD, ILLOVO SANDTON, JOHANNESBURG, GAUTENG, 2196, South Africa. 

High Risk Investment Warning: Trading Foreign Exchange (Forex) and Contracts For Difference (CFDs) is highly speculative, carries a high level of risk and is not appropriate for every investor. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin. Please read the full  Risk Disclosure Statement which gives you a more detailed explanation of the risks involved.

For privacy and data protection related complaints please contact us at privacy@markets.com. Please read our PRIVACY POLICY STATEMENT for more information on handling of personal data.

Markets.com operates through the following subsidiaries:

Safecap Investments Limited, which is regulated by the Cyprus Securities and Exchange Commission (“CySEC”) under license no. 092/08. Safecap is incorporated in the Republic of Cyprus under company number ΗΕ186196.

Finalto International Limited is registered  in the Saint Vincent and The Grenadines (“SVG”) under the revised Laws of Saint Vincent and The Grenadines 2009, with registration number  27030 BC 2023.

Close
Close

set cookie

set cookie

We use cookies to do things like offer live chat support and show you content we think you’ll be interested in. If you’re happy with the use of cookies by markets.com, click accept.