Bitcoin ETFs break record with $1.38b inflows led by BlackRock’s IBIT
The post Bitcoin ETFs break record with $1.38b inflows led by BlackRock’s IBIT appeared on BitcoinEthereumNews.com.
On Nov. 7, U.S. spot Bitcoin ETFs recorded a historic $1.38 billion in net inflows, marking the highest single-day inflow since their inception, driven primarily by BlackRock’s IBIT. According to data from SoSoValue, BlackRock’s spot Bitcoin ETF alone accounted for $1.12 billion of the total net inflows on the day, a historic high that reversed the previous two days of outflows totaling $113.3 million. IBIT’s inflows accounted for over 81% of the total $1.38 billion in net inflows recorded across the 11 U.S.-listed spot Bitcoin ETFs on that day. Following IBIT, Fidelity’s FBTC received the second-largest inflow, with $190.92 million, after leading the ETFs with $308.8 million inflows the previous day. Other Bitcoin ETFs contributing to the net inflows included: Grayscale Bitcoin Mini Trust: $20.38 million ARK and 21Shares’ ARKB: $17.61 million Bitwise’s BITB: $13.36 million VanEck’s HODL: $4.34 million Valkyrie’s BRRR: $2.17 million The remaining four Bitcoin ETFs reported zero flows on the day. Total trading volume across the 12 spot Bitcoin ETFs reached $2.76 billion on Nov. 7, notably lower than the $6.07 billion recorded the previous day. On Nov. 6, Bloomberg ETF analyst Eric Balchunas noted that IBIT alone saw nearly $1.1 billion in trading volume within the first 20 minutes of market opening, immediately following Donald Trump’s election victory on Nov. 5. With the Nov. 7 inflows, cumulative net inflows across all 12 Bitcoin ETFs have reached $24.79 billion since their respective launches. The record inflows coincided with Bitcoin’s (BTC) continued ascent to new all-time highs, with CoinGecko data showing a peak price of $76,872 before a slight retraction to $76,027 at the time of writing. Amid Bitcoin’s price discovery phase, traders expect further significant inflows in the coming days. “Expect another massive day tomorrow,” predicted crypto trader The Bitcoin Therapist. Balchunas, who had forecasted a…
Filed under: News - @ November 8, 2024 7:22 am