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Cryptocurrency News Articles

Bitcoin ETF: The incredible success of BlackRock

Nov 09, 2024 at 12:30 am

The numbers speak for themselves: BlackRock's Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has shattered transaction records with a massive inflow of $1.1 billion in a single day.

Bitcoin ETF: The incredible success of BlackRock

Bitcoin scaled new dizzying heights on Wednesday, thanks to a combination of favorable political winds and the arrival of Bitcoin exchange-traded funds (ETFs).

As reported by VIX Real-Time Alerts, BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), recorded a massive single-day inflow of $1.1 billion, the highest since its launch in January.

“We are in a perfect setup: monetary easing, political stability, and the dynamism of U.S. data,” commented Pav Hundal, an analyst at Swyftx, on the capital inflows into ETFs.

“This combination is attracting unprecedented capital into ETFs, and the pace shows no signs of slowing.”

While other funds, such as Grayscale’s, remained popular, they struggled to keep up with this movement. Grayscale’s fund recorded net outflows, a factor that could be attributed to its high fees of 1.5%, compared to 0.25% for IBIT.

Meanwhile, the Bitcoin market also reached new peaks, with a high surpassing $76,943, attracting an army of investors, as reported by Investing.com.

This movement was largely fueled by the enthusiasm generated by Bitcoin ETFs, with IBIT alone capturing the majority of flows.

On Wednesday, IBIT had a trading volume of $4 billion, dwarfing the competition. Even Fidelity, which usually boasted strong performance with its own ETF, could not keep up with this frenzy.

Observers remained highly optimistic for the days to come.

“Expect one more crazy day tomorrow,” announced trader The Bitcoin Therapist to his subscribers, while others, like Rajat Soni and Zia ul Haque, spoke of an intense November for Bitcoin.

This phenomenon illustrated that Bitcoin ETFs were not merely a passing trend but were instead gaining a scope that, according to some experts, could even surpass the ability to create BTC.

At this pace, a crypto rally of unprecedented scale seemed to be on the horizon.

Recently, some specialists had expressed doubts over whether Bitcoin ETFs could provide the anticipated momentum.

However, in light of the record capital inflow numbers, the question now arose: what if the long-awaited boost had only just begun?

News source:www.cointribune.com

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