Bitcoin ETFs log $621.9m inflows as BTC hits all-time high of $76K

Spot Bitcoin exchange-traded funds (ETFs) in the U.S. saw a significant surge in net inflows on November 6, totaling $621.9 million as Bitcoin reached a new all-time high of over $76,000.

Data from SoSoValue shows that all 12 spot Bitcoin ETFs experienced positive inflows on this day, reversing a previous three-day streak of outflows, during which $712.9 million had exited the funds. Fidelity’s spot Bitcoin ETF (FBTC) led the inflow surge, with $308.77 million added to its holdings. Other notable ETFs contributing to the inflow were ARK 21Shares’s ARKB, Grayscale Bitcoin Mini Trust, and Bitwise BITB, which saw inflows of $127 million, $108.81 million, and $100.92 million, respectively.

In contrast, BlackRock’s iShares Bitcoin Trust saw outflows of $69.11 million, bucking the overall positive trend seen across most other Bitcoin ETFs. Despite this, iShares Bitcoin Trust (IBIT), the largest Bitcoin ETF in terms of net assets, has seen over $26 billion in total inflows since its launch.

Bloomberg ETF analyst Eric Balchunas pointed out that IBIT achieved its highest-ever trading volume on November 6, with over $4.1 billion in daily trades, surpassing major stocks like Berkshire Hathaway, Netflix, and Visa. On the same day, IBIT rose 10%, marking its second-best performance since launch. Other Bitcoin ETFs also saw their trading volumes double compared to average levels, making it one of their strongest days since January.

These massive inflows into Bitcoin ETFs came during a bullish period for Bitcoin, which set its new all-time high of $76,240 on November 6. Bitcoin’s price surge was sparked by the election of Donald Trump as the next U.S. president, with his pro-crypto stance anticipated to boost the growth of Bitcoin and other digital assets. Although the final vote count is still being tallied, Trump has already been declared the winner.

After briefly surpassing $76,000, Bitcoin’s price has since pulled back slightly to around $74,721, according to pinetbox.com. Analysts suggest that Trump’s victory, along with expected pro-crypto policies, could further drive growth in the crypto space.

Looking ahead to 2024, several asset managers have filed with regulators to list ETFs holding alternative cryptocurrencies like Solana (SOL), XRP, and Litecoin (LTC). Additionally, several crypto index ETFs, which provide exposure to a diversified basket of tokens, are also awaiting approval.