BlackRock’s Bitcoin ETF Sees Record $1 Billion Inflows after Two Days of Outflows

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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November 8, 2024

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BlackRock, the world’s largest asset manager, has witnessed a record-breaking $1.1 billion in inflows into its spot Bitcoin exchange-traded fund (ETF), IBIT.

The record inflows came after BlackRock saw two days of outflows totaling $113.3 million, according to data from SoSo Value.

The surge in inflows coincided with Bitcoin reaching a new all-time high of $76,943, as reported by CoinMarketCap.

IBIT Accounts for 82% of Total Spot Bitcoin Inflows

BlackRock’s IBIT ETF accounted for a staggering 82% of the $1.34 billion total inflows across 11 U.S.-listed spot Bitcoin ETFs on the same day.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) ranked second with $190.9 million in inflows, while ARK’s 21Shares Bitcoin ETF (ARKB) followed with $17.6 million.

The record inflows have sparked optimism among market participants. Crypto trader “The Bitcoin Therapist” predicted more significant inflows, urging their 141,000 X followers to “expect another massive day tomorrow.”

Financial analyst Rajat Soni also chimed in, advising his 100,000 followers to “buckle up,” while crypto commentator Zia ul Haque dubbed the month “PumpVember.”

Bloomberg ETF analyst Eric Balchunas acknowledged the significance of the inflows, stating in a Nov. 7 post on X, “Even I am surprised it’s that big, by far the biggest one-day flow of any Bitcoin ETF ever.”

Balchunas had noted earlier that IBIT saw nearly $1.1 billion in trading volume within the first 20 minutes of trading on Nov. 6, shortly after Donald Trump’s victory in the U.S. presidential election.

On Wednesday, spot Bitcoin ETFs draw in approximately $622 million in net inflows, ending a three-day losing streak.

The surge in spot Bitcoin ETF activity comes as Trump wins back the White House.

The former president’s campaign promises, including proposals for a national Bitcoin reserve, support for crypto miners, and a pledge to form an advisory committee for favorable regulation, have only added to the market’s confidence.

His victory has also sparked optimism about potential SEC leadership changes and more supportive policies for the industry.

Matt Hougan, Bitwise’s chief investment officer, sees Trump’s win as a potential catalyst for a “golden age” in crypto, emphasizing favorable regulatory prospects.

Digital Asset Products See Record Inflows of $2.2 Billion

Last week, digital asset investment products experienced a significant surge, attracting inflows of $2.2 billion, bringing the total year-to-date inflows to a historic $29.2 billion.

The impressive influx has pushed total assets under management (AuM) to over $100 billion for only the second time ever, reaching $102 billion—similar to levels seen in early June 2024.

Bitcoin was the primary beneficiary, absorbing the entire $2.2 billion inflow, while short-Bitcoin products attracted an additional $8.9 million.

In contrast, Ethereum saw only $9.5 million in inflows, with Solana gaining $5.7 million, while other altcoins, like Polkadot and Arbitrum, recorded minor inflows.

The U.S. market led the way with the full $2.2 billion in inflows, while Germany recorded modest inflows of $5.1 million.