BlackRock’s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows
BlackRock recorded $872 million in inflows into its iShares Bitcoin Trust, the largest daily inflow since Bitcoin ETFs began in January. Total holdings now amount to 429,185 BTC, valued at approximately $31.04 billion, representing about 2.04% of Bitcoin's total supply. The surge in demand is linked to the "Trump trade," as Donald Trump gains traction in betting markets ahead of the November 5 election. Trump aims to position the US as the "crypto capital" and proposes a strategic Bitcoin reserve to reduce national debt. In contrast, Kamala Harris supports regulatory frameworks but lacks detailed plans for the SEC's approach to digital assets. Market expert Ali Martinez predicts Bitcoin could reach between $174,000 and $462,000 based on historical patterns. Additionally, around 8,000 BTC have been withdrawn from exchanges, indicating a trend of investors holding rather than selling, potentially driving prices upward. Bitcoin is currently trading at $71,640, down 1.2% in the last 24 hours.
