Key Points
- Bitcoin ETFs recorded massive inflows on the 6th of November, reaching $621.9 million.
- BlackRock’s Bitcoin ETF achieved a record $4.1 billion trading volume, ranking Bitcoin as the ninth-largest asset globally.
Following a challenging start in November, Bitcoin exchange-traded funds (ETFs) finally saw a significant increase in inflows.
On November 6th, the total net inflows reached a staggering $621.9 million, effectively ending the previous trend of outflows.
Factors Driving the Surge
This increase coincided with Donald Trump’s re-election as president, a factor that could have contributed to the surge. Trump has been known to support regulatory reform and the crypto industry.
However, not all Bitcoin ETFs experienced inflows. IBIT, for example, saw a net outflow of $69.1 million, and BRRR experienced a daily outflow of $2.6 million.
Record-Breaking Trading Volume
Despite these outflows, BlackRock’s Bitcoin ETF made history with an unprecedented trading volume of $4.1 billion. This significant volume was noted by Eric Balchunas, a senior ETF analyst at Bloomberg, who highlighted that the ETF had traded $1 billion within the first 20 minutes of the market opening.
Balchunas also noted that collectively, Bitcoin ETFs recorded $6 billion in trading volume, with most ETFs doubling their average volume.
Following Trump’s re-election, Bitcoin also experienced a surge, reaching a new all-time high of over $76,000. The cryptocurrency’s market cap also increased to $1.48 trillion, surpassing Meta and making it the ninth largest asset globally.
This significant growth in Bitcoin’s value and the success of the IBIT underscore the cryptocurrency’s increasing recognition in the global financial landscape.
