Bitcoin ETF Inflows Hit Four-Month High As BlackRock CEO Larry Fink Says BTC Is An Asset Class Like Gold

US spot Bitcoin ETF (exchange-traded fund) inflows reached a 4-month high as BlackRock CEO Larry Fink said BTC “is an asset class in itself” similar to gold.

Total inflows for the Bitcoin ETFs reached $555.86 million on Oct. 14, according to data from SoSoValue . The last time the ETFs recorded higher inflows was on June 4, when $886.7 million entered the funds’ reserves.

Larry Fink Likens Bitcoin To Gold In Latest Earnings Call

In BlackRock’s Q3 2024 earnings call , Fink said that “Bitcoin is an asset class in itself,” adding that the leading crypto is an “alternative to other commodities like gold.”

Fink’s comments come as the asset manager’s Bitcoin ETF, IBIT, leads in terms of cumulative inflows since the US funds launched at the start of the year. Following the $79.51 million inflows on Oct. 14, IBIT’s total assets under management (AUM) stand at $21.78 billion.

Investor Sentiment Improves As Polymarket Bettors Anticipate A New BTC All-Time High In 2024

In the past 24 hours, Bitcoin’s price rose more than 2% to trade at $65,722.25 as of 3:33 a.m. EST. With the recent gain, the largest crypto by market cap is up over 5% on the weekly time frame.

Although BTC has pulled back from its intraday high of $66,482.49, bettors on Polymarket are optimistic of a new all-time high (ATH) for the flagship crypto before the end of the year. A contract asking if Bitcoin will reach a new peak in 2024 shows 64% odds in favor of a new ATH. 

More than $542K has been wagered on the Polymarket contract so far. Odds in favor of a new ATH rose 3% in the past 24 hours and 9% over the last week. Along with the increasing Polymarket odds, the Crypto Fear And Greed Index also jumped 17 points to indicate “Greed” in the market.

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