BlackRock Leads as US Bitcoin ETFs Amass $1.37B Inflow, Largest in History

BlackRock leads the charge as US spot Bitcoin ETFs record their largest single-day inflow since inception amidst pent-up demand.

The US spot Bitcoin ETFs recorded a staggering $1.37 billion inflow on Thursday, their largest since the market debut on January 11. The record inflow correlated with Bitcoin’s push to a new all-time high of $76,943.

BlackRock Records Staggering $1.12B Inflow

Meanwhile, data from Farside Investors shows that the BlackRock iShares Bitcoin Trust (IBIT) led inflows on Thursday, hitting an unprecedented milestone. The issuer brought in a record $1.12 billion in Bitcoin, taking its stash to $27.18 billion.

Notably, the record inflow came a day after BlackRock saw an explosive trading volume a few minutes into the market session. Trading activities surpassed $1 billion in 20 minutes, building to $4.1 billion at the end of the session, its highest since the fund’s market debut.

According to the Thursday inflows pecking order, the Fidelity Wise Origin Bitcoin Fund (FBTC) occupied the second position, raking in $190.9 million. FBTC remains the fund with the second-largest cumulative inflow, having bought $10.73 billion worth of Bitcoin since early January.

Grayscale’s Bitcoin Trust (GBTC) recorded its second consecutive inflow on Thursday, with $7.31 million, while its mini fund (BTC) attracted $20.38 million. Other substantial inflows include a $17.6 million inflow from the ARK 21 Shares Bitcoin ETF (ARKB) and a $13.4 million positive flow from the Bitwise Bitcoin ETF (BITB).

Meanwhile, the November 7 record inflow for the US Bitcoin ETFs brings their cumulative net inflow to $25.49 billion and their net asset to $78.5 billion. Notably, the funds now hold more than 1 million bitcoins and are on course to outhold the asset’s creator, Satoshi Nakamoto.

US Bitcoin ETFs Demand Hits Peak

The Thursday inflow mirrors a growing interest among US investors in Bitcoin investment vehicles. Notably, this pent-up demand has reached face-melting levels following Donald Trump’s presidential election win.

Trump’s pro-crypto stance and pledge to restore regulatory balance in the US have fuelled the roof-breaking inflows into the crypto market. Investor confidence has also spurred Bitcoin to new highs, as seen on Thursday.

Meanwhile, Bitcoin has slightly retraced from its Thursday ATH, trading at $75,984 at press time.

Source : The Crypto Basic by Elendu Benedict - Nov 8, 2024