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Bitcoin ETF inflows hit $1.1B as price reaches new high

Bitcoin ETF inflows hit $1.1B as price reaches new high

GrafaGrafa2024/11/09 00:37
By:Mahathir Bayena

BlackRock’s spot Bitcoin (CRYPTO:BTC) ETF, IBIT, has surpassed $1 billion in inflows for the first time, reflecting a surge in investor interest as Bitcoin continues to reach new heights.

On November 7, the ETF recorded $1.1 billion in inflows, recovering after two days of outflows totaling $113.3 million, according to Farside data.

The significant inflow coincided with Bitcoin’s price hitting an all-time high of $76,943, as reported by CoinMarketCap.

BlackRock’s IBIT accounted for nearly 82% of the total $1.34 billion inflows seen across the 11 U.S.-listed spot Bitcoin ETFs that day.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed with $190.9 million, and the ARK 21Shares Bitcoin ETF (ARKB) brought in $17.6 million.

Market analysts and traders anticipate further inflows in the near future.

Crypto trader The Bitcoin Therapist shared on social media, “Expect another massive day tomorrow,” while financial analyst Rajat Soni advised followers to “buckle up.”

Another crypto commentator, Zia ul Haque, referred to this month as “PumpVember,” hinting at continued bullish momentum.

"Told y’all it was prob gonna be big, altho even I am surprised it’s that big, by far biggest one day flow of any btc etf ever," noted Bloomberg ETF analyst Eric Balchunas, highlighting the surprising scale of the inflows.

Balchunas had previously pointed out that the ETF saw nearly $1.1 billion in trading volume shortly after the market opened on November 6, following Donald Trump’s presidential election victory on November 5.

At the time of reporting, the Bitcoin price was $75,927.59.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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