Bitcoin ETF Has Biggest Daily Inflow at $1.1B – No Signs of Slowing Down
Key Takeaways
- BlackRock's Bitcoin ETF (IBIT) recorded its biggest-ever daily inflow at $1.1B, and analysts are bullish on its future performance.
- Bitcoin recently hit $76K and shows no signs of slowing down, prompting most analysts to predict good times for crypto.
- Trump's reelection as the 47th President of the United States might lead to one of the biggest bull runs in crypto history.
BlackRock's iShares Bitcoin Trust (IBIT) ETF had its largest daily inflow at $1.1B. And $BTC is $76K now, with a 9.84% increase in the last day.
Galaxy head of research Alex Thorn says the market isn't overheating.
And that's a good thing. No one wants the bull run to end or be delayed for no reason. Everyone wants the rally to continue, especially now after Trump's reelection.
Let's discuss the Bitcoin ETFs and why the green markers might just be beginning.
Goldilocks Scenario for ETFs - Going at Mach 10Yesterday, Bloomberg ETF analyst Eric Balchunas posted on X that IBIT had just surpassed $1.1B in trading volume.
Balchunas himself was surprised the pump was so significant. But the context was very bullish, the more you think about it, including for meme coins.
$IBIT surpassing $1.1B volume happened within the first 20 minutes of the market opening, immediately after Trump's election victory was announced.
According to SoSoValue data, the IBIT ETF beat its previous high of $872M (in October 30) by ~26%, prompting analysts to go ultra bullish.
Pav Hundal, lead market analyst at Swyftx (crypto exchange), is particularly optimistic about the current trend.
We're in a goldilocks scenario right now of monetary easing, political certainty, and robust US data. Capital is everywhere, and right now, it's flooding into the ETFs at an extraordinary velocity.
Hundal also clarified that the accumulation of $BTC ETFs is growing at an alarming rate - faster than it can be created by a factor of two to one.'
IBIT's inflows were almost 82% of all the 11 $BTC ETF inflows yesterday, which secured the ETF's advantage by a landslide.
Will Today Be Equally Profitable for Crypto and ETFs?Most traders seem bullish on $BTC ETFs:
- The Bitcoin Therapist said tomorrow will be a massive day' for crypto.
- Financial analyst Rajat Soni advised his 100,400 X followers to buckle up.'
- Crypto commentator Zia ul Haque said Welcome to PumpVember.'
Looking at Bitcoin's performance chart explains their bullish stance. Bitcoin's advance seems unstoppable at this point.
Source: CoinMarketCapEverything points to another super successful day for Bitcoin ETFs, even if not at the same level as yesterday.
The Bull Run Is a Near Certainty, and We're All for ItEven Coinbase's CEO (Brian Armstrong) believes 2024 onward will be a time of great economic freedom' for crypto. He's referring to Trump's presidential win.
It's looking really good, that much we can say.
Chances are we'll be seeing Bitcoin hitting new all-time highs in the coming weeks, followed by the rest of the crypto market.
ReferencesClick to expand and view references- Eric Balchunas X Post About the IBIT Performance (X)
- BlackRock's Bitcoin ETF Sets Record For Biggest Daily Inflow Above $1.1 Billion (Decrypt)
- IBIT Performance on SoSoValue (SoSoValue)
- BTC investors pour $1.1B into BlackRock ETF as Bitcoin marks another high (Cointelegraph)
- Rajat Soni X Post About IBIT's Performance (X)
- Zia ul Haque's X Post About IBIT's Performance (X)
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