CDS Crypto News IBIT ETF Breaks Inflow Record Amid Bitcoin Surge
Crypto News

IBIT ETF Breaks Inflow Record Amid Bitcoin Surge

31
IBIT ETF Breaks Inflow Record Amid Bitcoin Surge

IBIT ETF Sets New Record with $1.12 Billion Inflows

IBIT ETFBlackRock’s iShares Bitcoin Trust (IBIT) has made headlines by setting a new record for its largest single daily inflow. On Thursday, IBIT attracted a remarkable $1.12 billion, surpassing its previous record of $872 million set on October 30, according to data from SoSoValue. This surge in demand comes amid increasing investor interest in U.S. spot Bitcoin exchange-traded funds (ETFs), driven by rising Bitcoin prices and overall bullish sentiment in the cryptocurrency market.

Strong Performance Amid Bitcoin’s Rising Value

With Bitcoin’s value climbing past $76,870, the iShares Bitcoin Trust has solidified its position as a major player in the ETF market. The fund now boasts a net asset value (NAV) of $34.2 billion. Pav Hundal, lead market analyst at Swyftx, comments that “capital is everywhere” and notes that the current environment, characterized by “monetary easing, political certainty, and robust US data,” is fueling significant inflows into Bitcoin ETFs. Hundal also added, The ETFs are accumulating Bitcoin faster than it can be created by a factor of two to one, which he believes could soon spark a broader crypto rally.

IBIT Outshines Competitors Amid Growing Interest

IBIT’s success is reflected in its record $4 billion trading volume on Wednesday, vastly outperforming its closest competitor, Fidelity. The surge in Bitcoin ETF activity comes at a time when market sentiment is shifting positively toward digital assets, particularly as President-elect Donald Trump’s policies are seen as beneficial for the cryptocurrency industry. Trump has promised to protect crypto mining interests and establish a Bitcoin reserve. Meanwhile, competitor Grayscale’s GBTC has struggled with outflows due to its higher fees, which stand at 1.5%, compared to BlackRock’s more competitive 0.25% fee (waived until January).

Ethereum Whale Sales: $89M in ETH Shifted After Price Surge

Leave a comment

Leave a Reply

Related Articles

Trump’s 2024 Victory: What It Means for U.S. Crypto Regulations

Trump's 2024 victory is expected to bring pro-crypto reforms to the U.S.,...

Tether Financing Expands: $45 Million Crude Oil Deal Completed

Tether finances a $45M crude oil deal, expanding its role in global...

Memecoin Mania: Cobie Burns UPONLY Tokens, Sparking Debate in the Crypto Community

Cobie, a well-known crypto trader, burned 600 million UPONLY memecoin tokens, originally...

SatoshiDEX Brings DeFi to Bitcoin with $SATX Token

SatoshiDEX launches the $SATX token, revolutionizing Bitcoin trading with DeFi and enhanced...