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Bitcoin surged by over 9% on Wednesday, reaching an all-time high of nearly $76,500 amid increased trading activity in exchange-traded funds (ETFs). The substantial uptick in Bitcoin’s value coincided with BlackRock’s IBIT ETF experiencing its highest trading volume since launch, reflecting growing institutional interest. According to Senior Bloomberg ETF analyst Eric Balchunas, “IBIT just had its biggest volume day ever with $4.1b traded,” highlighting the influx of market activity. Bitcoin hits an all-time high as ETF trading volumes soar, showcasing significant market interest following recent economic developments. Bitcoin’s All-Time High and ETF Dynamics The recent surge in Bitcoin’s price comes as no surprise, following the U.S. presidential election outcomes that saw a weighty influence on market sentiment. On Wednesday, the largest cryptocurrency by market capitalization climbed to an impressive $76,481, marking a pivotal moment in a series of fluctuations throughout the year. Prior to this leap, Bitcoin had already demonstrated notable spikes, including gains of 12% post the Aug. 5 yen carry trade unwind. Significant Inflows into Bitcoin ETFs This dramatic increase in Bitcoin’s value was mirrored by a substantial influx of capital into spot Bitcoin ETFs, which recorded a net inflow of approximately $621.9 million, according to Farside data. These inflows marked one of the highest recorded since ETF products were launched earlier this year in January, breaking a three-day trend of outflows. With the total net inflows now standing at around $24.2 billion, this metric reinforces the growing demand for Bitcoin as an investment vehicle. Specifically, Grayscale’s Bitcoin Mini Trust (BTC) recorded $108.8 million in net inflows, representing its second-highest trading day to date. Similarly, Bitwise’s Bitcoin ETF (BITB) garnered $100.9 million, further evidencing the robust interest from investors. In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) faced net outflows totaling $113.3 million over the observed period. Nonetheless, despite…

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Filed under: News - @ November 7, 2024 1:26 pm