BlackRock's Bitcoin fund, the iShares Bitcoin Trust, recorded unprecedented net inflows prompted by speculation surrounding the upcoming U.S. elections. Recently, the ETF saw an influx of approximately $872 million in a single day, setting a new record for the fund established only nine months ago. In 2024, this fund ranks among the top global ETFs in terms of inflows.
The increased capital in this $31 billion global Bitcoin fund signals a market trend known as the "Trump trade" as the countdown to the November 5 election date intensifies. Since October, Bitcoin prices have risen by 13%, nearing their all-time highs.
ETF analyst James Seyffart noted the significant demand for these ETFs, suggesting that investors are likely reacting to the momentum of Bitcoin and potentially the odds of Trump's electoral success.
Bitcoin recently experienced a slight decrease, falling approximately 0.7% to $72,307. The digital asset reached its current all-time high of $73,798 in March, and most other digital assets also saw minor declines.
