BlackRock's Bitcoin fund recorded an unprecedented net inflow, and speculation surrounding the US election sparked demand for Bitcoin.
About $0.872 billion flowed into the iShares Bitcoin Trust exchange-traded fund on Wednesday, the highest in a single day, according to the data. This product, which has only been in existence for 9 months, has the highest subscription volume in the world in 2024.
The inflow of funds into the world's largest Bitcoin fund with a scale of 31 billion dollars indicates that Trump deals are emerging in the market as the countdown to November 5 election day begins. Bitcoin has risen 13% since October, approaching a record high.
“There's definitely a lot of demand for these ETFs,” said ETF analyst James Seyffart. Investors may be reacting to Bitcoin's momentum and Trump's chances of winning, he said.
At 17:23 Hong Kong time, Bitcoin fell about 0.7% to $72,307. The digital asset's current all-time high is $73,798, which was set in March. Most other digital assets also declined slightly.