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Cryptocurrency News Articles
Bitcoin (BTC) Hit a New All-Time High of $77K, ETF Products Amass $1.36B in Daily Inflows
Nov 09, 2024 at 04:28 am
Bitcoin hit a new all-time high just above $77,000 late Friday night, capping off a remarkable week in which Trump regained the White House
Bitcoin hit a new all-time high just above $77,000 late Friday night, capping off a remarkable week in which Trump regained the White House, and Bitcoin achieved several new all-time highs. The crypto industry is optimistic that Trump will be much more favorable to crypto regulations that move the industry forward.
According to the Bitcoin Liquid Index, Bitcoin hit a new all-time high of $77,130 at 11:35 p.m. ET on Friday. The last time Bitcoin hit an all-time high was on November 10, when it reached $76,680.
Bitcoin’s all-time highs come as Trump is set to regain the White House after a contentious election. The crypto industry has been closely following the election results, as Trump has been more favorable to crypto regulations than Biden.
“I think the industry is very happy with the Trump administration and the way they handled crypto,” said Mati Greenspan, founder of Quantum Economics. “The industry is hoping for more of the same over the next four years.”
Bitcoin ETFs also had a record-breaking day on Friday, with $1.36 billion in daily inflows. This smashes the previous record of $1.14 billion, which was set back in March.
“This isn’t just a slight uptick; it’s a significant leap forward,” said Dave Nadig, financial futurist at ETF Trends.
A whopping $1.1 billion of the inflows came exclusively from BlackRock’s $IBIT fund. To put this in perspective, one fund nearly matched the total inflows of all 11 ETFs combined on their best day!
As a result, Blackrock's BTC ETF is now bigger than its Gold ETF. And it achieved this in ten months.
“This is impressive by any standard,” said Nadig.
The massive inflows into Bitcoin ETFs are creating a supply shock in the Bitcoin market. On average, approximately 450 Bitcoin are mined every single day. Yesterday, the Bitcoin ETFs consumed around 18,000 Bitcoin. This means that the daily demand from these ETFs was about 40 times greater than the new supply entering the market.
“The equation is simple: increased demand combined with limited supply equals rising prices,” said Greenspan.
As it stands now, the total inflows into Bitcoin ETFs have reached an impressive $25.5 billion—and the numbers are still climbing.
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