As a seasoned crypto investor with a knack for spotting trends and a keen eye for market movements, these latest developments have me both exhilarated and cautiously optimistic. The unprecedented inflows into Bitcoin ETFs, coupled with the all-time high Bitcoin reached on Nov. 6, suggests that we’re witnessing a massive shift in institutional interest towards digital assets.
On November 6th, American Bitcoin exchange-traded funds (ETFs) saw a total of $621.9 million poured in due to the digital currency reaching its peak value of more than $76,000 that day.
Based on information from SoSoValue, twelve Bitcoin ETFs experienced overall increases in investments on Monday, ending a three-day trend of withdrawals worth approximately $712.9 million.
1) The Fidelity-managed Bitcoin ETF, FBTC, saw the largest contribution to the inflow wave, with a whopping $308.77 million pouring into its assets, ending a four-day streak of continuous inflows. Other notable contributors included ARK 21Shares’ ARKB, Grayscale Bitcoin Mini Trust, and Bitwise BITB, which added $127 million, $108.81 million, and $100.92 million respectively to the inflow total.
Grayscale’s GBTC and VanEck’s HODL received more moderate investments totaling approximately $30.91 million and $17.18 million respectively.
Contrastingly, BlackRock’s primary iShares Bitcoin Trust experienced withdrawals worth approximately $69.11 million, which is different from the favorable trends observed in the majority of spot Bitcoin ETFs. Notably, this, being the largest Bitcoin ETF in terms of total net assets, has garnered over $26 billion in cumulative net inflows since its debut day.
Eric Balchunas, ETF analyst at Bloomberg, pointed out that on November 6th, IBIT saw its highest trading volume yet, with approximately $4.1 billion exchanged in a single day. This figure surpassed the daily trades of well-known companies such as Berkshire Hathaway, Netflix, and Visa. Remarkably, IBIT increased by 10% on that day, which represents its second-best performance since it was first launched.
In the same vein, other Bitcoin ETFs observed a doubling of their usual trading volume, marking one of their busiest days since January, as pointed out by Balchunas in his subsequent post.
Bitcoin ETF investments saw substantial growth during a time when the price of Bitcoin was surging and reached an unprecedented peak of $76,240 on November 6, marking a bullish phase for the cryptocurrency market.
The surge in Bitcoin’s price occurred not long after Donald Trump, a known supporter of cryptocurrency, was officially elected as the U.S. President, amassing over 270 Electoral College votes and garnering more votes than his opponent in the popular vote. While some ballots are still being processed, Trump has been announced as the winner.
After a slight dip, the price of Bitcoin (BTC) is currently at approximately $74,721, according to crypto.news data. Analysts speculate that if Trump wins the election and implements pro-cryptocurrency policies, both Bitcoin and other digital assets could experience significant growth.
2024 sees multiple asset managers submitting applications to regulatory bodies for the listing of ETFs that invest in alternative cryptocurrencies like Solana, XRP, and Litecoin. Furthermore, various crypto index ETFs, designed to provide investment exposure across a range of digital tokens, are also waiting for their approval.
Read More
- AI16Z PREDICTION. AI16Z cryptocurrency
- POL PREDICTION. POL cryptocurrency
- Crypto ETPs hit $44.5b in YTD inflows amid Bitcoin surge
- Hong Kong Treasury says crypto is not a ‘target asset’ for its Exchange Fund
- Li Haslett Chen to Leave Warner Bros. Discovery Board
- EXCLUSIVE: Alia Bhatt in talks with Dinesh Vijan for a supernatural horror thriller; Tentatively titled Chamunda
- Springfield man is convicted for using crypto to finance ISIS operations
- Blockaid new dashboard to track Web3 activity and threats
- SEN PREDICTION. SEN cryptocurrency
- Shiba Inu, Bonk, Pepe prices rebound: Beware of dead cat bounce
2024-11-07 09:50