As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous market fluctuations and trends that have shaped the industry as we know it today. The recent influx of $1.38 billion into U.S. spot Bitcoin ETFs on Nov. 7 was nothing short of astonishing.
On November 7th, there was an unprecedented $1.38 billion poured into Bitcoin ETFs based in the U.S., setting a new record for the largest one-day influx since they first became available. This surge was largely fueled by investments made through BlackRock’s IBIT (Institutional Bitcoin Investment Trust).
Based on information from SoSoValue, an unprecedented influx of $1.12 billion was recorded for BlackRock’s Bitcoin ETF alone, marking a significant reversal from the previous two days’ combined outflows worth $113.3 million.
On that particular day, IBIT was responsible for more than 81% of the combined $1.38 billion in positive investments that flowed into the eleven U.S.-based Bitcoin ETFs that track spot prices.
According to IBIT, Fidelity’s FBTC fund experienced the second-highest investment influx, totaling approximately $190.92 million, following a record-breaking $308.8 million the day before, making it the top ETF in terms of inflows.
Other Bitcoin ETFs contributing to the net inflows included:
- Grayscale Bitcoin Mini Trust: $20.38 million
- ARK and 21Shares’ ARKB: $17.61 million
- Bitwise’s BITB: $13.36 million
- VanEck’s HODL: $4.34 million
- Valkyrie’s BRRR: $2.17 million
The remaining four Bitcoin ETFs reported zero flows on the day.
On November 7th, the combined trading volume for the twelve active Bitcoin Spot ETFs amounted to approximately $2.76 billion – a significant drop from the $6.07 billion traded the day before.
On November 6th, Eric Balchunas, an analyst at Bloomberg ETF, pointed out that the IBIT exchange-traded fund experienced approximately $1.1 billion in trading volume within the initial 20 minutes of market opening, directly after Donald Trump’s election win on the 5th of November.
Since their initial launches, the combined total of funds flowing into all 12 Bitcoin Exchange-Traded Funds has now surpassed $24.79 billion, as a result of the inflows on November 7th.
At the same moment, Bitcoin’s (BTC) climb reached unprecedented peaks, hitting an all-time high of $76,872 according to CoinGecko data. However, it has since slightly dipped to $76,027 at the point of this writing.
During Bitcoin’s period of determining its value, traders anticipate substantial investments pouring in over the next few days.
“Expect another massive day tomorrow,” predicted crypto trader The Bitcoin Therapist.
Balchunas, who predicted a substantial increase in inflows due to trading volume patterns, was taken aback by the unprecedented magnitude of the inflows seen on November 7th.
Balchunas stated in a post on the 7th of November: “As I predicted, this was likely to be substantial, though even I am taken aback by just how large it has become—by far the greatest one-day inflow for any Bitcoin ETF to date.
Almost ten months after the launch, on November 8th, Nate Geraci hypothesized that a part of the surge might stem from crypto enthusiasts who previously held Bitcoin directly shifting towards ETF investments instead.
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2024-11-08 10:21