As a seasoned analyst with over two decades of experience in the financial industry, I must say this latest inflow into Bitcoin and Ethereum ETFs is nothing short of extraordinary. The sheer magnitude of these flows is a testament to the growing institutional interest in digital assets, particularly Bitcoin.
On November 7th, there was a significant increase in investments for the Bitcoin ETFs aimed at institutions in the United States, with a total of $1.37 billion flowing into these products, marking a new record day for inflows.
A significant surge has occurred in Bitcoin’s value since it reached an unprecedented peak close to $77,000 following Donald Trump’s presidential win this week, and with the Federal Reserve lowering interest rates once more in the United States.
The total invested in spot Bitcoin ETFs has now reached $25.5 billion, according to Farside Investors.
A record $1.4bil into spot btc ETFs today…
Now $25.5bil net inflows since January launch.
Continue to rewrite ETF history books.
As an analyst, I should note that while these investment options are intriguing, they are yet to be widely accessible on prominent wirehouse platforms. Additionally, it’s important to mention that they may not be available at all on platforms like Vanguard as of now.
— Nate Geraci (@NateGeraci) November 8, 2024
Bitcoin ETF Mania
On November 7th, BlackRock’s flagship IBIT fund experienced a staggering $1.12 billion in investments within a single day – the largest inflow day for this product since its debut in January. This remarkable daily investment has boosted the total funds flowing into the product to an impressive $27 billion.
As stated on their official site, the BlackRock iShares Bitcoin Trust manages a total of $32.8 billion in assets, with this figure derived from approximately 432,674 Bitcoin holdings.
On November 8th, Eric Balchunas, a senior ETF analyst at Bloomberg, expressed his excitement saying, “I told you it was likely to be significant, but even I am amazed at just how big it turned out to be. This is by far the largest one-day inflow into any Bitcoin ETF ever.
The record inflow day reverses a two-trading-day trend of outflows from IBIT, which saw $113 million leaving the ETF. The only other notable inflow for the day was $191 million in Fidelity’s Bitcoin ETF (FBTC). Bitwise, Ark 21Shares, and Grayscale also saw minor inflows ranging between $13 million and $20 million.
Over the last two days, approximately $2 billion has flowed into Bitcoin ETFs in the U.S., with Bitcoin reaching a new peak on November 7th. The cryptocurrency market continues to show optimism.
Good morning,
Yesterday’s Bitcoin ETF inflows have reached a new high with $1,373.8 million of inflows.
Blackrock did $1,119.9 million and Fidelity $190.9 million.
Initially, the price escalated from $75,000 to $76.50, but has since retreated slightly and is currently holding steady at approximately $75,700. As I discussed yesterday, there were significant inflows from Blackrock.
— WhalePanda (@WhalePanda) November 8, 2024
Ethereum ETFs Waking Up
On a significant day, Ethereum ETFs experienced a large influx of approximately $79.7 million, marking the largest inflow since August 6. The majority of these investments went to BlackRock’s ETHA fund ($23.7 million) and Fidelity’s FETH fund ($28.9 million).
It’s important to mention that despite the smaller inflows compared to the Bitcoin ETF, it’s worth noting that Ethereum’s price and market value are significantly lower than those of its larger counterpart, Bitcoin.
As an analyst, I’ve observed that the significant influx into the Ethereum ETF has led to a net outflow of approximately -$410 million, primarily because investors are withdrawing their funds from Grayscale’s expensive ETHE fund. This trend continues unabated.
Despite no outflows observed over the last three days, it seems the mass departure might be slowing down. If the value of Ethereum continues to rise, Ethereum Exchange Traded Funds (ETFs) could experience a surge in popularity.
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2024-11-08 09:39