As a seasoned researcher with a keen eye for market trends, it’s fascinating to witness the dynamic interplay between institutional demand and digital assets like Bitcoin. The recent surge in trading volume for U.S. spot Bitcoin ETFs, particularly BlackRock’s IBIT, is a testament to this growing interest. Despite the overall net outflow, it’s intriguing to see how one player can dominate the scene, capturing a significant portion of the inflows.
On November 14, Bitcoin ETFs traded in the U.S., including BlackRock’s IBIT, recorded a trading volume of $5 billion. Interestingly, BlackRock’s IBIT accounted for about 60% or over $3 billion of that total. Despite this substantial trading activity, these ETFs collectively experienced a net withdrawal of approximately $400.67 million.
In contrast to the majority of ETFs that experienced substantial withdrawals, BlackRock’s IBIT attracted an inflow of $126.53 million, bringing its total accumulated inflow to a staggering $29.28 billion. On the other hand, a combination of other ETFs such as Grayscale’s GBTC, Fidelity’s FBTC, ARK and 21Shares’ ARKB, and Bitwise’s BITB faced outflows totaling $524.41 million.
After six consecutive days of positive Bitcoin ETF inflows totaling approximately $4.7 billion, the latest figures from SoSoValue indicate a decrease in net inflow, with spot Bitcoin ETFs now showing a cumulative total net inflow of $27.83 billion and a total net asset value of $92.56 billion. This equates to a 5.34% market cap for Bitcoin.
Bitcoin’s upward trend is fueling a surge in ETF trading, suggesting growing enthusiasm and institutional appetite for the cryptocurrency. As more retail investors and institutions look for simple ways to invest in Bitcoin, BlackRock’s IBIT has become a preferred option, accounting for a significant share of recent investments.
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2024-11-15 10:28