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⚡BlackRock Leads ETF Inflows⚫

Croxroad

09 Nov 2024 — 4 min read

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🧽 Spot Bitcoin ETFs

BlackRock, the world’s largest asset manager, recently marked a milestone with more than $1 billion in inflows to its spot Bitcoin ETF (IBIT) as Bitcoin itself surged to all-time highs. On Nov. 7, IBIT clocked $1.1 billion in inflows, quickly recovering from two days of net outflows amounting to $113.3 million, according to data from Farside. Bitcoin reached an impressive $76,943 on CoinMarketCap, adding momentum to the ETF’s strong performance. These inflows represented a significant 82% of the total $1.34 billion channelled into the U.S.-listed spot Bitcoin ETFs on that day, underscoring BlackRock’s dominant role in the market.

Other ETFs also saw notable inflows, though on a smaller scale. Fidelity’s Wise Origin Bitcoin Fund drew $190.9 million, the second-highest on record, followed by ARK 21Shares Bitcoin ETF, which added $17.6 million. Traders and analysts shared optimistic projections, anticipating further substantial inflows. Crypto trader known as “The Bitcoin Therapist” forecasted another “massive day,” while financial analyst Rajat Soni encouraged his followers to “buckle up.” Crypto commentator Zia ul Haque joined in, dubbing the bullish sentiment “PumpVember.”

The scale of these inflows, particularly for IBIT, took even seasoned analysts by surprise. Bloomberg ETF analyst Eric Balchunas noted that he expected a significant number based on previous trading volumes but was astonished by the actual results, labelling it the largest one-day inflow recorded by any Bitcoin ETF to date. The surge followed a trading volume spike on Nov. 6, notably within the first 20 minutes of the market opening. This historic inflow day reflects growing investor confidence in Bitcoin and its evolving role in institutional portfolios.

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