Bitcoin exchange-traded funds (ETFs) faced a challenging start in November, with three consecutive days of outflows. However, on the 6th of November, there was a significant turnaround with massive inflows, totaling $621.9 million, as reported by Farside Investors.
This sudden influx coincided with Donald Trump’s re-election, where he advocated for regulatory reforms and showed strong support for the cryptocurrency industry, potentially boosting investor confidence.
IBIT Records Outflows Amidst Inflows Surge
Interestingly, IBIT did not lead the recent surge in inflows, instead experiencing a net outflow of $69.1 million, following a previous outflow of $44.2 million. Similarly, BRRR saw an outflow of $2.6 million.
In contrast, ETFs like GBTC, FBTC, ARKB, BITB, BTC, and HODL witnessed positive inflows, while others did not receive any inflows during this period.
BlackRock’s Bitcoin ETF Sets New Milestones
Despite the temporary dip, Eric Balchunas, a senior ETF analyst at Bloomberg, revealed that IBIT achieved an unprecedented $1 billion in trading volume within the first 20 minutes of market opening, leading to a historic day with $4.1 billion traded.
This remarkable performance, amounting to a substantial increase in trading volume, solidified IBIT’s position as the leading Bitcoin ETF in the U.S., holding over $30 billion worth of assets.
Bitcoin’s Post-Election Performance
Following Trump’s re-election and IBIT’s success, Bitcoin surged to a new all-time high of over $76,000, surpassing its previous record peak of $75,000. At the time of reporting, BTC’s price slightly decreased to $74,611, displaying a 1.83% decline from the peak.
While BTC experienced a minor 24-hour dip of 0.32%, indicators like the RSI suggested strong bullish momentum with potential for further upward movement, assuming the buying pressure persists.
Moreover, the CMF indicator pointed to a robust capital inflow into Bitcoin, reinforcing the positive trend observed in the market.
Bitcoin Overtakes Meta to Become 9th Largest Asset
The price rally propelled Bitcoin’s market cap to an impressive $1.48 trillion, surpassing Meta’s $1.44 trillion market cap, securing its place as the 9th largest asset globally according to CompaniesMarketCap.
These milestones demonstrate Bitcoin’s growing significance within the financial landscape, challenging traditional assets for dominance and marking a historic moment in the cryptocurrency market’s evolution.