Summary:
$676 million in inflows for U.S. spot Bitcoin ETFs on Tuesday, nearly double from the previous day.
Total net assets in Bitcoin ETFs now stand at $104.25 billion, close to Satoshi Nakamoto's holdings.
BlackRock’s IBIT ETF led with $693.25 million inflows, while ARKB faced $93.5 million in outflows.
November sees record $7.6 billion in monthly net inflows for Bitcoin ETFs, driven by political changes.
Growing interest in crypto ETFs may extend the market's reach beyond the traditional crypto community.
U.S. Bitcoin ETFs Experience Record Inflows
U.S. spot Bitcoin exchange-traded funds (ETFs) saw an impressive $676 million in inflows on Tuesday—almost double the previous day's $353.67 million, according to data from SoSoValue.
As of now, the total net assets held by asset managers behind U.S. spot Bitcoin ETF contracts have reached $104.25 billion, equivalent to approximately 1,076,609.7 BTC—close to the estimated 1.1 million BTC held by Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) led the inflows with $693.25 million, while the Fidelity Wise Origin Bitcoin Fund followed with $52.17 million. However, not all ETFs fared well; the ARK 21Shares Bitcoin ETF (ARKB) experienced $93.5 million in outflows. The Grayscale Bitcoin Trust ETF saw no net asset flow yesterday, maintaining nearly $20.6 billion in assets but losing market dominance.
The Surge Explained
Bitcoin ETFs have been witnessing a remarkable surge, with a record $7.6 billion in monthly net inflows for November. According to Alex Obchakevich, founder of Obchakevich Research, the spike in investments can be attributed to the recent victory of Donald Trump and the Republican Party in the U.S. elections, which he claims has boosted market confidence and attracted institutional investors.
Obchakevich also pointed out that the regulatory approval of funds has empowered investors to engage with Bitcoin ETFs within a regulated environment. Additionally, Valentin Fournier from BRN noted that Ethereum spot ETFs also enjoyed robust inflows of $133 million.
The growing interest in crypto ETFs could open up new sectors for the crypto market, extending beyond just the crypto community. Obchakevich emphasized that we are on the brink of significant changes, suggesting that crypto ETFs are integral to this evolving landscape.
Comments