BlackRock’s iShares Bitcoin 
$70,726 Trust (IBIT), the largest spot Bitcoin ETF in the U.S., set a record on Wednesday with net inflows exceeding $872 million. This marked the highest daily inflow since the fund’s launch in January, surpassing the previous record set in March. According to BTCMarkets analyst Rachael Lucas, the recovery in the IBIT fund can be attributed to the global central banks’ trend of lowering interest rates and the market’s anticipation of a crypto-friendly administration under Donald Trump.
Investors Shift Focus to Bitcoin Ahead of U.S. Presidential Election
As the U.S. presidential election approaches, interest in spot Bitcoin ETFs is expected to rise. Lucas emphasized that “Bitcoin ETFs are emerging as a hedge against economic uncertainties before the election,” highlighting the potential for increased volatility during this period. Poll data and regulatory announcements are closely monitored by investors, while the upcoming Federal Open Market Committee (FOMC) meeting and financial reports from tech giants are also under scrutiny.
On Wednesday, total net inflows for spot Bitcoin ETFs in the U.S. reached $24.18 billion, while total trading volume decreased to $1.97 billion compared to the previous day. Bitwise’s BITB reported a net outflow of $23.89 million, marking the only negative flow of the day.
Spot Bitcoin ETFs Approach Satoshi Nakamoto’s Holdings
Bloomberg Senior ETF Analyst Eric Balchunas noted that BlackRock’s record inflows have pushed the total amount of Bitcoin held by U.S. spot ETFs to approximately 1 million BTC. Balchunas predicts that by the end of November, these spot Bitcoin ETFs will surpass Satoshi Nakamoto’s holdings, totaling 1.1 million BTC, establishing them as the largest Bitcoin holders.
Additionally, minor net inflows were observed in spot Ethereum 
$2,549 ETFs, with FETH reporting $5.32 million and CETH $2.66 million. However, Bitwise’s ETHW recorded a net outflow of $3.63 million. The total trading volume for spot Ethereum ETFs remained at $220 million, falling short of the expected strong demand in the sector.
As Bitcoin trades around $72,300, nearing its all-time high of $73,500, analysts assess the possibility of a new peak in the short term. Presto Research analyst Min Jung noted, “If the resistance at $73,800 is surpassed, a new rally in the Bitcoin market could begin,” drawing attention to a potential breakout.
