|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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 $4 billion, dwarfing the competition. Even Fidelity, which usually boasted strong performance with its own ETF, could not keep up with this frenzy.
Observers remained highly optimistic for the days to come.
“Expect one more crazy day tomorrow,” announced trader The Bitcoin Therapist to his subscribers, while others, like Rajat Soni and Zia ul Haque, spoke of an intense November for Bitcoin.
This phenomenon illustrated that Bitcoin ETFs were not merely a passing trend but were instead gaining a scope that, according to some experts, could even surpass the ability to create BTC.
At this pace, a crypto rally of unprecedented scale seemed to be on the horizon.
Recently, some specialists had expressed doubts over whether Bitcoin ETFs could provide the anticipated momentum.
However, in light of the record capital inflow numbers, the question now arose: what if the long-awaited boost had only just begun?
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Qubetics ($TICS): The Best Crypto to Buy Now, Blending Innovation, Usability, and Explosive Growth Potential
- Nov 24, 2024 at 12:25 pm
- The cryptocurrency world is buzzing with endless possibilities, where innovation meets opportunity every single day. From Tezos, revolutionizing governance with self-amending protocols, to Bittensor, shaking up AI-powered blockchain concepts, the crypto space is thriving with groundbreaking ideas.
-
- AirSwap Will Host a Community Call on December 5th at 19:30 UTC
- Nov 24, 2024 at 12:20 pm
- AirSwap is a decentralized token exchange platform based on the Ethereum blockchain. AirSwap technology powers peer-to-peer networks using de facto standard RFQ and LastLook protocols making it the top choice for traditional market makers entering the decentralized financial system.