Spot Bitcoin ETF Inflows Surge: Is US Election Results the Reason
Spot Bitcoin ETF Inflows Spike: Check Factors Driving the Surge
In the week spanning November 4 to November 8, Spot Bitcoin ETF inflows surged dramatically, reflecting strong investor interest and confidence. During this period, Bitcoin spot ETFs registered a net inflow of $1.63 billion. BlackRock’s ETF (IBIT) led with a significant weekly net inflow of $1.25 billion, followed by Fidelity’s Bitcoin ETF (FBTC) at $295 million.
As of November 8, the total daily net inflow reached $293.47 million, contributing to a cumulative net inflow of $25.79 billion. The total value traded stood at $2.84 billion, while total net assets amounted to $78.91 billion.
Who's Leading the Spot BTC ETF Board?
Top Bitcoin spot ETFs like BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Franklin Templeton’s Digital Holdings Trust (EZBC), and VanEck (HODL) were instrumental in driving the robust inflow. BlackRock’s IBIT dominated with a net inflow of $206.13 million, followed by FBTC at $33.52 million.
BITB and EZBC recorded daily net inflows of $23.00 million and $17.80 million, respectively, while HODL contributed $13.03 million. Notably, Grayscale (GBTC), Ark & 21Shares (ARKB), Valkyrie (BRRR), and Invesco (BTCO) did not record any net inflows during this period.
Why is Bitcoin Going Up?
The surge in Spot Bitcoin ETF inflows can be attributed to several factors. One pivotal reason is the outcome of the US Election 2024 and US election results, where Donald Trump’s major victory renewed investor confidence. Trump, known for his pro-crypto stance, has bolstered trust in Bitcoin and other cryptocurrencies, contributing to the upward trend.
Another key driver is the recent economic policy shift by the Federal Reserve and the Bank of England (BoE). Both institutions initiated rate cuts late last week to stimulate economic growth, prompting whale investors to shift from the gold market to Bitcoin and the broader altcoin market. This move aimed to position portfolios for higher returns amid favorable financial conditions.
Consequently, Bitcoin price today experienced an impressive rally, with BTC price USD surging by 17.62% over the past week, peaking at an all-time high of $81,858.29 on November 11.
As of now, BTC price stands at $81,209.01 with a market cap of $1.61 trillion and a 24-hour trading volume of $80.53 billion. The robust Bitcoin chart performance underscores the increasing appeal of Spot Bitcoin ETFs and the sustained bullish momentum in the market.
Also read: City Holder Daily Combo and Daily Quiz November 11, 2024
