Spot Bitcoin exchange-traded funds in the U.S. recorded $621.9 million in net inflows on Nov. 6 as Bitcoin reached an all-time high of over $76,000.
Spot Bitcoin Exchange Traded Funds in the United States. recorded $621.9 million in net inflows in 6 then as Bitcoin hit an all-time high over $76,000.
According to data from SoSoValue, all 12 Bitcoin ETFs saw positive net inflows on Monday, ending a three-day streak of outflows in which $712.9 million was flown out of the funds. Fidelity's spot Bitcoin ETF, FBTC, led the flows with $308.77 million added to holdings, ending a four-day streak ARK 21Shares’ ARKB, Grayscale Bitcoin Mini Trust and Bitwise contributed with inflows of $127 million, $108.81 million and $100.92 million. Grayscale’s GBTC and VanEck’s HODL generated more modest inflows of $30.91 million and $1.0 million, respectively. In contrast, BlackRock’s flagship iShares Bitcoin product saw outflows of $69.11 million, which deviates from the positive momentum seen in most spot Bitcoin ETFs.
Balchunas highlighted that IBIT experienced its highest trading volume ever on Nov. 6, with over $4.1 billion in daily trades, surpassing major stocks like Berkshire Hathaway, Netflix, and Visa. IBIT rose 10% on the day, marking its second-best performance since launch.
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Other Bitcoin ETFs similarly saw trading volumes double compared to their average, making it one of their strongest days since January noted Balchunas in a follow-up post.
The significant net inflows into Bitcoin ETFs occurred amid a bullish period for Bitcoin which set a new all-time high of $76,240 on Nov. 6.
Bitcoin’s price rally came shortly after pro-crypto Donald Trump was elected as the next president of the United States, securing more than 270 Electoral College votes and a majority in the popular vote. Although some ballots remain uncounted, Trump has been declared the winner.
Bitcoin (BTC) has since slightly pulled back to $74,721, as per data from crypto.news. Analysts suggest that Trump’s election, coupled with his anticipated pro-crypto policies, may drive growth not only for Bitcoin but also for other digital assets.
In 2024, several asset managers have filed with regulators to list ETFs holding alternative cryptocurrencies such as Solana, XRP, and Litecoin. Additionally, several crypto index ETFs—offering exposure to a diversified selection of tokens—are also awaiting approval.