Bitcoin exchange-traded funds (ETFs) in the U.S. saw significant inflows on November 6, recording a total of $621.9 million as Bitcoin surged to an all-time high of $76,240. The sharp increase in inflows marked a reversal from the previous three-day streak of outflows, which had seen $712.9 million exit the funds.
Fidelity’s Bitcoin ETF, FBTC, was the standout performer, capturing $308.77 million of the total inflows. Other funds like ARK 21Shares’s ARKB, Grayscale Bitcoin Mini Trust, and Bitwise BITB also saw substantial gains, with inflows of $127 million, $108.81 million, and $100.92 million, respectively. In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) experienced outflows of $69.11 million, breaking from the positive momentum seen across most other spot Bitcoin ETFs.
Despite its outflows, IBIT achieved a record trading volume of over $4.1 billion on November 6, surpassing prominent stocks like Berkshire Hathaway, Netflix, and Visa. IBIT rose by 10% on the day, its second-best performance since its launch. Other Bitcoin ETFs saw a surge in trading volumes as well, with many recording their strongest performance since January.
This surge in ETF inflows coincided with Bitcoin’s bullish rally, which saw the cryptocurrency reach a peak of $76,240. The price rise followed the election of pro-crypto candidate Donald Trump, who secured more than 270 Electoral College votes and a majority in the popular vote. Analysts suggest Trump’s victory and his expected pro-crypto policies could drive further growth for Bitcoin and other digital assets.
As Bitcoin’s price slightly retreated to $74,721, analysts remained optimistic about the future, citing the potential for continued growth in the crypto space, especially if Trump’s policies align with the industry’s interests.
Additionally, asset managers are actively pursuing approval to launch ETFs that would hold alternative cryptocurrencies like Solana, XRP, and Litecoin, as well as crypto index ETFs, offering diversified exposure to a broader range of tokens.
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