Originally published on: November 08, 2024
Investors are flocking to BlackRock’s Bitcoin exchange-traded fund (ETF) with over $1 billion pouring in on a record-breaking trading day. This surge in inflows comes as Bitcoin continues to smash all-time highs, reaching $76,943 on Nov. 7.
BlackRock’s spot Bitcoin ETF, IBIT, saw $1.1 billion in inflows, dominating the market with nearly 82% of all inflows from the 11 US-listed spot Bitcoin ETFs. The Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF followed with significant inflows as well.
Traders are buzzing with excitement and predict even more substantial inflows in the days ahead. The Bitcoin Therapist anticipates another “massive day,” while financial analyst Rajat Soni advises followers to “buckle up” for what he calls “PumpVember.”
Bloomberg ETF analyst Eric Balchunas expressed surprise at the size of the inflows, despite already expecting a considerable influx based on previous trading volume. The IBIT Bitcoin ETF saw nearly $1.1 billion in trading volume in just 20 minutes after the market opened following the US presidential election.
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