BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), experienced a massive net inflow of $393.40 million on October 16th.

According to data from SoSoValue, this figure represents the largest influx since July 22, when IBIT saw $526.7 million in new investments.

Spot Bitcoin ETF Market Gains Momentum

The spot Bitcoin ETFs recorded a total net inflow of $458.54 million on Wednesday. While BlackRock’s IBIT led the charge, Fidelity’s FBTC followed suit with $14.81 million, while Bitwise’s BITB saw $12.93 million on the same day.

Franklin Templeton’s EZBC recorded $11.79 million, and Ark and 21Shares’ ARKB saw $11.51 million in inflows. Other funds, such as Invesco’s BTCO, attracted $6.43 million, and VanEck’s HODL garnered $5.75 million. Valkyrie’s BRRR, too, recorded a minor inflow of $1.92 million.

Notably, Grayscale’s GBTC, WisdomTree’s BTCW, and Hashdex’s DEFI reported no inflows, and no outflows were recorded across any spot Bitcoin ETFs for the day.

Over the past week, BTC’s price has climbed nearly 11% and is currently trading above $67,000. The recent price rally coincided with the increasing inflows into spot Bitcoin ETFs in the US. Interestingly, the total assets under management (AUM) for all US-based spot Bitcoin ETFs have risen to $64.46 billion at today’s valuations after skyrocketing to a four-month high.

The heightened investor interest comes at a critical phase, especially with the upcoming U.S. presidential election approaching. The stakes for the crypto industry are escalating, and prediction markets indicate increased odds for Republican candidate and crypto supporter Donald Trump to win against his Democratic opponent, Vice President Kamala Harris.

As reported earlier, this pivot toward Republican prospects has created a bullish sentiment in the market, thereby driving inflows.