Reported by Cointelegraph: BlackRock’s spot Bitcoin ETF surpassed $1 billion in daily inflows for the first time since its launch in January.
The world’s largest asset manager, BlackRock, accumulated more than $1 billion of inflows to its Bitcoin exchange-traded fund (ETF) across a record trading day as Bitcoin continued to break all-time highs.
On Nov. 7, BlackRock’s spot Bitcoin ETF (IBIT) clocked $1.1 billion in inflows, reclaiming inflow status after two consecutive days of outflows totaling $113.3 million, according to Farside data.
Bitcoin hits nearly $77,000
It came on a day when Bitcoin again hit all-time highs, reaching $76,943, according to CoinMarketCap data.
IBIT’s inflows represented almost 82% of inflows generated by the 11 United States-listed spot Bitcoin ETFs on the day, which amounted to $1.34 billion in total.
The Fidelity Wise Origin Bitcoin Fund saw the second-highest inflows at $190.9 million, followed by the ARK 21Shares Bitcoin ETF (ARKB) with $17.6 million.
Several traders anticipate that there would be more significant inflows in the days to come.
“Expect another massive day tomorrow,” crypto trader The Bitcoin Therapist told their 141,400 X followers.
Financial analyst Rajat Soni shared the news with his 100,400 X followers, declaring they should “buckle up.”
“Welcome to PumpVember,” crypto commentator Zia ul Haque added.
Large inflow day follows surging trading volume
Bloomberg ETF analyst Eric Balchunas said he was “surprised” by the size of the inflows, despite expecting a big number based on the previous day’s trading volume.
“Told y’all it was prob gonna be big, altho even I am surprised it’s that big, by far biggest one day flow of any btc etf ever,” Balchunas wrote in a Nov. 7 X post.
On Nov. 6, Balchunas pointed out that the IBIT Bitcoin ETF saw nearly $1.1 billion in trading volume in the first 20 minutes after the market opened after Donald Trump prevailed in the presidential election.