A Record-Breaking Day for Bitcoin
Bitcoin exchange-traded funds (ETFs) in the United States saw a historic day on November 7th, with over $1.37 billion flowing into these funds. This massive influx of capital, primarily from institutional investors, marks the largest single-day inflow ever recorded for Bitcoin ETFs.
The surge in investment comes amid a bullish market, with Bitcoin reaching a new all-time high of nearly $77,000. This price surge has been fueled by various factors, including the recent US presidential election and the Federal Reserve’s continued rate cuts.
BlackRock’s Bitcoin ETF Leads the Charge
BlackRock’s iShares Bitcoin Trust (IBIT) was the primary beneficiary of this investment wave, attracting over $1.12 billion in a single day. This unprecedented inflow has boosted the fund’s total assets under management to $32.8 billion.
Other major Bitcoin ETFs, such as those offered by Fidelity and Bitwise, also experienced significant inflows. The overall investment in US-listed Bitcoin ETFs now surpasses $25.5 billion.
Ethereum ETFs Gain Momentum
While Bitcoin ETFs have been the primary focus, Ethereum ETFs have also seen a notable increase in inflows. Funds like BlackRock’s ETHA and Fidelity’s FETH attracted millions of dollars, indicating growing institutional interest in Ethereum.
A Bullish Outlook for Cryptocurrencies
The recent surge in ETF inflows underscores the increasing institutional adoption of cryptocurrencies. As more traditional investors recognize the potential of digital assets, we can expect further growth and development in the crypto market.