On Thursday, the BlackRock Bitcoin ETF (IBIT) alone acquired over 14,000 Bitcoins as a result of the Fed rate reduction, which facilitated the largest inflow of liquidity in the ETF market.
The BlackRock Bitcoin ETF (IBIT) has been setting new records on a daily basis, with its greatest daily inflows exceeding $1 billion on Thursday.
This has resulted in the total inflows for BlackRock Bitcoin ETF surpassing $27 billion since its inception in January, making it one of the most successful ETF launches of 2024. These robust inflows have been further bolstered by the Federal Reserve’s decision to reduce interest rates.
BlackRock Bitcoin ETF Appears To Be Unstoppable
The nine Bitcoin ETFs collected a total of 17,880 Bitcoins in a single day, resulting in an astounding $1.371 billion in total inflows in the US spot Bitcoin ETFs on Thursday, November 7.
This is nearly 40 times the daily production of 450 BTC, which is the Bitcoin currency. As soon as the Federal Reserve announced 25 basis points in interest rate reductions yesterday, the development occurred.
Again, the BlackRock Bitcoin ETF (IBIT) was instrumental in this regard, as it was the sole entity to accumulate 14,607 Bitcoins in a single day. Additionally, the daily trading volume for BlackRock’s IBIT was $1.8 billion on Thursday, following its achievement of $4.1 billion the previous day. The top four single-day inflows recorded by IBIT this year are detailed below.
November 7: $1.12 billion, 14,607 BTC
October 30: $872 million, 12,127 BTC
March 12: $849 million, 11,947 BTC
March 5 – $788 million, 12,447 BTC
The total assets under management for the BlackRcok Bitcoin ETF (IBIT) have increased by over $34 billion as a result of the development on Thursday, with a staggering 447,281 BTC holdings. To provide context, this is nearly twice the 252,220 BTC holdings of MicroStrategy, which is owned by Michael Saylor. According to Farside Investors’ data, Fidelity’s FBTC experienced $190 million in inflows yesterday, in addition to BlackRock.
The outflows from spot ETFs were halted earlier this week following Donald Trump’s victory in the US Presidential Elections. The inflows have exceeded $2 billion in the past two days, immediately following the victory results. This demonstrates that investors are quite optimistic about the future of Bitcoin under the Trump administration.
Bitcoin Achieves New All-Time High
The Bitcoin (BTC) price has surged by an additional 2% today, reaching a new all-time high of $79,943 amid the robust ETF inflows. The bulls have maintained their resilience in their defense of the $75,000 level.
Bitcoin has once again successfully entered the bullish channel, as evidenced by the nearly 10% gains on the weekly chart and the current price action. This lays the groundwork for a BTC price increase to $100K range.
Additionally, there has been an increase in discussions regarding the establishment of a strategic Bitcoin reserve in the United States. Senator Cynthia Lummis of Wyoming and other individuals have been developing a plan for the same. Nevertheless, this is contingent upon an official announcement from the Trump administration
