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BlackRock’s Bitcoin (BTC) spot exchange-traded fund (ETF) saw record-high inflows as cryptocurrencies rallied following Donald Trump’s victory in the United States.
Nov. 7 market data on Farside Investors shows that BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw an inflow of nearly $1.12 billion, equivalent to almost 82% of the total of $1.37 billion. This follows two days of net outflows for the same fund, with $69.1 million leaving its coffers on Nov. 6 and $44.2 on Nov. 5.
No other spot Bitcoin ETF reported net outflows on Nov. 7. The only one that reported significant inflows was the Fidelity Advantage Bitcoin ETF (FBTC), which added nearly $191 million to its coffers.
Senior Bloomberg ETF analyst Eric Balchaunas wrote in a recent X post that he had anticipated such a major market move. He wrote at the time:
“Set for a record-breaking volume day. […] Given price is up so much, this is likely feeding frenzy volume [and not a] crisis volume.”
Told y’all it was prob gonna be big, altho even I am surprised it’s that big, by far biggest one day flow of any btc etf ever. https://t.co/Q5MPDMrTYv
— Eric Balchunas (@EricBalchunas) November 8, 2024
Crypto keeps rallying after Trump’s election
Bitcoin has been on a steady climb following the election of Republican candidate Donald Trump to act as the next United States president — recently breaching the $81,000 level for the first time. This is seen as a significant win for Bitcoin, partly because of his clear stance on crypto compared to his Democrat opponent.
Other reasons include that Trump explicitly described himself as the “crypto candidate” and promised favorable regulation, even proposing the creation of a U.S. Bitcoin reserve if elected. He will also be the first crypto entrepreneur to act as the United States president, following last month’s announcement of the sale of his World Liberty Financial (WLF) token, which aims to become a decentralized finance (DeFi) platform.
At the time of Trump’s win, Brian Armstrong, the CEO of the cryptocurrency exchange platform Coinbase, declared the US Election “a huge win for crypto.” He highlighted that the industry received “full-throated support of the winning presidential candidate.”
