Bitcoin Hits New High as Investors Pour $1.1B into BlackRock ETF

BlackRock, the world’s largest asset management firm, witnessed a huge influx of capital into its Bitcoin ETF (IBIT), with investors adding over $1 billion on a single day as Bitcoin surged to new heights.

On Nov. 7, BlackRock’s spot Bitcoin ETF, IBIT, reported $1.1 billion in inflows, bouncing back after two consecutive days of outflows that reached a combined $113.3 million, according to Farside data.

Bitcoin hits nearly $77K

The inflows coincided with Bitcoin soaring to new all-time highs, peaking at $76,943, as per CoinMarketCap data.

BlackRock’s IBIT contributed around 82% of the total $1.34 billion inflows to the 11 spot Bitcoin ETFs listed in the U.S. that day. The Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the second-largest inflows at $190.9 million, followed by the ARK 21Shares Bitcoin ETF (ARKB) with $17.6 million.

Market sentiment is high, with many traders predicting even greater inflows ahead.

“Expect another massive day tomorrow,” shared crypto trader The Bitcoin Therapist with their 141,400 followers on X (formerly Twitter).

Financial analyst Rajat Soni echoed this sentiment to his 100,400 followers, advising them to “buckle up.”

Crypto commentator Zia ul Haque called the movement “PumpVember.”

Large inflow day follows surging trading volume

Bloomberg ETF analyst Eric Balchunas noted he was “surprised” by the sheer size of the inflows, even though he had anticipated a large number based on the previous day’s high trading volume.

“Told y’all it was prob gonna be big, altho even I am surprised it’s that big, by far biggest one-day flow of any btc etf ever,” Balchunas tweeted on Nov. 7.

The day prior, on Nov. 6, Balchunas pointed out that IBIT saw nearly $1.1 billion in trading volume within the first 20 minutes after the market opened, following the announcement of Donald Trump’s victory in the Nov. 5 U.S. presidential election.

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