Bitcoin ETF Inflows Surge Record-Breaking High

CRYPTO
Bitcoin ETF Inflows Surge Record-Breaking High

On October 30, BlackRock's spot Bitcoin ETF (IBIT) saw its largest single-day inflow since launching in January, drawing in $875 million as the crypto market rallied. According to CoinGlass, this inflow not only surpassed IBIT’s previous high of $849 million recorded in March but also marked the 13th consecutive day of positive inflows for the fund, totaling roughly $4.08 billion over this period.

Investor interest appears to be intensifying, with some traders speculating that a billion-dollar inflow day is within reach. "A billion-dollar inflow isn’t a joke," noted crypto trader Trading Axe to their X followers, while fellow trader Cozy The Caller projected that the fund would surpass $1 billion in daily inflows once Bitcoin breaks its all-time high.

BlackRock’s IBIT outperformed all other U.S.-listed spot Bitcoin ETFs, which collectively attracted $21.3 million in inflows that day. In comparison, Fidelity’s Wise Origin Bitcoin Fund, the second-highest fund, saw $12.6 million in inflows. At the time of the report, Bitcoin was trading at $72,410, just 1.7% below its record high of $73,679 set in March.

Some analysts suggest that the upcoming U.S. presidential election on November 5 could serve as a catalyst for Bitcoin to reach new highs, with Trump’s potential win speculated to provide a positive boost to crypto markets.
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United Kingdom
UK Targets Wealthy with Tax Hikes

In her Autumn Budget, U.K. Chancellor Rachel Reeves announced significant changes aimed at increasing taxes on wealth and foreign assets, with an anticipated £40 billion boost to public finances. This budget marks the Labour Party’s first in 14 years, aiming to end “short-termism” and strengthen the economy without austerity.

Key changes include increased capital gains taxes, rising from 10% and 20% to 18% and 24% depending on income, impacting those selling assets or businesses. The Business Asset Disposal Relief and Investors’ Relief rates will also rise, potentially affecting business sales. Reeves also announced the end of the non-dom tax regime, which previously allowed certain U.K.

Residents to save on taxes for overseas income, projected to generate £12.7 billion over five years. Private jet fliers will face a 50% tax increase, adding £450 per passenger on long-haul flights. Reeves’ policies reflect Europe’s growing trend of targeting the super-rich.
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META
Meta's AI Push Hits Profit Margins

Meta exceeded revenue and profit targets for the third quarter and forecasted a strong holiday quarter. However, its ongoing investment in AI infrastructure and plans to increase headcount have raised investor concerns, leading to a 3% drop in after-hours trading. Meta reported a 19% year-over-year revenue growth to $40.59 billion, with net income up 35% to $15.68 billion. Daily users of Meta's platforms, including Facebook, Instagram, and WhatsApp, rose 5% to 3.29 billion.

CEO Mark Zuckerberg highlighted Meta’s focus on leveraging its large language models (LLMs) in business tools, with more details to come next year. Although expenses grew 13%, operating profit margins improved to 43%. Reality Labs, Meta's division for VR and AI, incurred significant losses, and capital expenditure is expected to continue growing in 2025. CFO Susan Li projected Q4 revenue between $45-48 billion, though Threads, Meta’s new social media platform, is not expected to contribute notably until later.
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SHELL
Shell Reports Strong Earnings, Faces Criticism

Shell has reported adjusted earnings of $6 billion for the third quarter, exceeding analyst predictions of $5.3 billion, despite a slight year-on-year decline due to falling crude prices and lower refining margins. The energy giant announced it will initiate a new $3.5 billion share buyback program over the next three months while maintaining its dividend at 34 cents per share. This marks the twelfth consecutive quarter of buybacks exceeding $3 billion.

CFO Sinead Gorman highlighted the strong operational performance across Shell's portfolio, contributing to a free cash flow of $10.83 billion, up from $7.5 billion a year earlier. However, activist shareholders criticized the drop in clean energy investments, which constituted only 8% of total capital expenditure, down from 9%. Gorman assured that Shell is committed to transitioning to low-carbon solutions, planning to invest $10 billion to $15 billion in renewable energy through 2024.
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