According to SoSoValue data, 12 spot Bitcoin ETFs recorded total inflows of $893.21 million on October 30; This was the highest amount after the $1.045 billion inflow recorded on March 12 alone. Thus, the entry series extended to six days and total net entries exceeded $3 billion.

In particular, BlackRock’s spot Bitcoin ETF played a leading role in this increase, surpassing the previous record of $849 million set in March with an inflow of $872.04 million.

Bloomberg ETF Analyst Eric Balchunas emphasized the importance of this increase, stating that this is an important milestone that brings US spot Bitcoin ETF assets above the 1 million BTC threshold.

“The largest daily inflow for $IBIT is significant as it pushes US spot ETFs above the 1 million Bitcoin holding level,” Balchunas said.

US-based Bitcoin ETFs purchased a total of 12,418 Bitcoins on October 30, with leading institutions such as BlackRock, Grayscale, and Fidelity leading the increase. BlackRock’s ETF, the largest ETF within the group, currently holds 429,129 BTC, while Grayscale holds 220,415 BTC and Fidelity holds 188,592 BTC.

BlackRock’s fund has grown rapidly to $30.86 billion in assets, nearly half of which was acquired in the last month, marking a surge in institutional interest. Apart from BlackRock, other ETFs also experienced large inflows; for example, Fidelity’s FBTC recorded an inflow of $12.57 million and ARK 21Shares’ ARKB recorded an inflow of $7.18 million.

Meanwhile, Grayscale Bitcoin Mini Trust saw inflows of $7.96 million, while Invesco’s BTCO, Valkyrie’s BRRR, and VanEck’s HODL were $7.18 million, $6.11 million, and $4,000,000, respectively. It generated $07 million in revenue. The only exception was Bitwise’s BITB, which reported an exit of $23.89 million.

A new milestone came as the total Bitcoin holdings of these ETFs surpassed 1 million BTC: surpassing the approximately 1.1 million BTC estimated to be held in the wallet of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.

While the strong inflow series has supported Bitcoin’s price, industry experts suggest that continued institutional investment could push Bitcoin to all-time highs. Just a month after their launch in January, U.S.-based spot Bitcoin ETFs provided nearly 75% of new Bitcoin investments, pushing its price above $50,000.

As of October 30, Bitcoin was trading around $72,289. Bitfinex analysts predict that Bitcoin could rise to $80,000 by the end of 2024, a prediction based on the market’s options structure and the likelihood of a Republican win in the upcoming US presidential election.

Still, not all experts agree on a guaranteed new high for Bitcoin. Some analysts characterize the current rally as a speculative “Trump hedge” tied not to macroeconomic fundamentals but to possible political shifts.

From this perspective, although Bitcoin is benefiting from increased institutional interest, it may need more supportive macroeconomic conditions to reach a sustainable all-time high.