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COINTURK NEWS > Bitcoin (BTC) > BlackRock Sets Record with iShares Bitcoin Trust’s $1.12 Billion Investment Flow
Bitcoin (BTC)

BlackRock Sets Record with iShares Bitcoin Trust’s $1.12 Billion Investment Flow

In Brief

  • BlackRock's iShares Bitcoin Trust breaks investment flow record with $1.12 billion.

  • Trump's election and rate cuts stimulate cryptocurrency market confidence.

  • Spot Bitcoin and Ethereum ETFs see significant increases in investment activity.

Ömer Ergin
Ömer Ergin 7 months ago
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The world’s largest asset management company, BlackRock, achieved a remarkable milestone on Thursday when its iShares Bitcoin $102,347 Trust (IBIT) recorded a net investment flow of $1.12 billion, breaking its previous record. This new high surpassed the former record of $872 million set on October 30. This extraordinary increase in inflows contributed to a daily net investment flow record of $1.38 billion in spot Bitcoin ETFs.

Contents
Trump’s Election Victory and Interest Rate Cuts Attract Bitcoin InvestmentInvestment Surge in Spot Bitcoin and Ethereum ETFs

Trump’s Election Victory and Interest Rate Cuts Attract Bitcoin Investment

Donald Trump’s victory in the U.S. presidential elections significantly boosted investor confidence in the cryptocurrency market. According to crypto analyst Rachael Lucas from BTCMarkets, the markets for both stocks and cryptocurrencies experienced an uptrend following Trump’s win, with Bitcoin reaching an all-time high. Concurrently, the Federal Open Market Committee (FOMC) reduced interest rates by 25 basis points to a range of 4.50-4.75 percent.

Jeff Mei, COO of BTSE exchange, noted that Trump’s election win and the Fed’s rate cuts have directed institutional investors toward spot Bitcoin ETFs. Mei expressed optimism, stating that increased expectations of further rate cuts, potential professional cryptocurrency regulations, and ongoing economic incentives from China have heightened institutional interest in BlackRock’s spot Bitcoin ETF, anticipating more inflows in the coming months.

Investment Surge in Spot Bitcoin and Ethereum ETFs

In addition to BlackRock’s $1.12 billion investment inflow, Fidelity’s FBTC fund attracted a net investment of $190.92 million, while Grayscale’s mini trust garnered $20.38 million. Other spot Bitcoin ETFs, including those from Ark & 21Shares, Bitwise, VanEck, and Valkyrie, also recorded significant investment flows.

Data revealed that 12 spot Bitcoin ETFs in the U.S. reached a total trading volume of $2.76 billion on Thursday, accumulating a total of $25.49 billion in net investments recently.

Post-election interest in spot Ethereum $2,544 ETFs also surged. On Thursday, nine spot Ethereum ETFs received a total of $79.74 million in investments, achieving a trading volume of 466.39 million. The trading volume of Ethereum ETFs notably exceeded the average trading range of $100 million to $200 million.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 8 November, 2024 - 10:36 am 8 November, 2024 - 10:36 am
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