BlackRock Bitcoin ETF hits record inflows amid demand.
About $872 million flowed into BlackRock’s iShares Bitcoin Trust on a single day, a milestone the trust recorded on Wednesday. It’s the highest inflow for any Bitcoin ETF on any given day since the suite of products debuted in January, a testament to just how much investors love the product.
As of May 27, BlackRock holds 429,185 BTC (more than $31.04 billion, based on current prices) which comes to about 2.04 percent of the 21 million Bitcoin cap, according to Bloomberg.
Bitcoin Surges On Trump Trade
Part of the reason there’s been such a surge, though, is part of a ‘Trump trade’ phenomenon: pro crypto Republican candidate Donald Trump’s rise in betting markets as we head towards the U.S. election on November 5. Trump said he would make the U.S. the ‘crypto capital of the planet’ and proposed a national BTC reserve in order to slash the country’s $35 trillion debt.
This month, Bitcoin’s price has risen 13%, nearing an all time high. As Bitcoin rallied, and political developments forced investors to find safe assets, Bloomberg analyst James Seyffart said both are fueling ETF demand.
Crypto analyst Ali Martinez, released on social media platform X, shared a forecast that predicts BTC could rise to between $174,000 and $462,000 if the current bull cycle plays out like previous ones.
Martinez also noted an uptrend in which 8,000 BTC (about $576 million) were withdrawn from exchanges, indicating a greater intention to hold than sell by investors. That could be an upward trend that brings price pressure. It is trading at $71,640, a 1.2% drop over the past 24 hours but near its all-time high of $73,700 set in March.
