With Trump's victory, Bitcoin has reached a new all-time high, and BlackRock's Bitcoin spot ETF IBIT saw record trading volume yesterday, with overall Bitcoin spot ETF seeing capital inflows.
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ToggleBlackRock IBIT trading volume hits new high, surpassing Netflix
According to a post by Bloomberg ETF analyst Eric Balchunas, BlackRock's Bitcoin spot ETF IBIT saw record trading volume of $4.1 billion yesterday (11/6), surpassing the trading volume of stocks like Berkshire Hathaway, Netflix, or Visa on the same day. The total trading volume of all Bitcoin spot ETFs was $6 billion, an explosive day across the board. Balchunas believes that some of this trading volume will translate into capital inflows, which may appear on Thursday and Friday evenings.
Bitcoin spot ETF sees capital inflows again
Bitcoin spot ETFs saw selling pressure on the eve of the US election, with some investors exiting in anticipation of election uncertainty, resulting in $710 million in outflows from Bitcoin spot ETFs in the three days before the election. However, with Trump's victory, the crypto industry is hoping for a resurgence, and the buy-side has returned. According to SoSoValue data, there was a massive $621.9 million inflow yesterday (11/6), and the total net asset value of all Bitcoin spot ETFs has reached $76.48 billion.
Interestingly, BlackRock's IBIT saw a net outflow of $69.11 million. Whether the high trading volume seen yesterday will translate into capital inflows, as Balchunas suggested, in the next few days is worth observing.
Bitcoin reaches new all-time high
With Trump's victory seen as a boon for the crypto industry, Bitcoin broke through this year's high of $73,777 yesterday and reached a new high of $76,400 last night as US stocks continued to set new records.
