November 7, 2024, became a historic day for spot Bitcoin ETFs, attracting a record $1.37 billion in investments. This news came as Bitcoin reached a new high of nearly $77,000 following Donald Trump's election victory and a rate cut by the US central bank.
Bitcoin ETF Market Sets a New Record
The total invested in spot Bitcoin ETFs in the US now stands at $25.5 billion, according to Farside Investors. This includes net inflows since the January launch, which continues to rewrite ETF history books.
BlackRock Fund Leads in Inflows
BlackRock's iShares Bitcoin Trust saw inflows of $1.12 billion in a single day. According to its official website, the fund's assets under management total $32.8 billion with 432,674 BTC holdings. Bloomberg analyst Eric Balchunas highlighted the significant increase, noting it's the biggest one-day flow into any Bitcoin ETF.
Ethereum ETFs Coming to Life
Spot Ethereum ETFs also experienced a significant uptick, with a daily inflow of $79.7 million. Most of the inflows were absorbed by BlackRock and Fidelity's funds. While these inflows are notable, the total flow for ETH ETFs remains negative, though the reduction in outflows over the past three days may indicate a shifting trend.
The inflows into Bitcoin and Ethereum ETFs demonstrate renewed interest from institutional investors in cryptocurrencies. This is evident as Bitcoin reaches new heights, and Ethereum gradually regains market traction.
