BlackRock Bitcoin ETF Sees Largest Inflow At $1 Billion Soon After Fed Rate Cut

The BlackRock Bitcoin ETF (IBIT) has been smashing new records every single day while seeing its largest daily inflows at over $1 billion on Thursday. As a result, the total inflows for IBIT have now surged past $27 billion since its inception in January, making it one of the best ETF launches in 2024. The Federal Reserve rate cut decision has proved to be an additional catalyst behind these strong inflows.

The BlackRock Bitcoin ETF Seems Unstoppable

On Thursday, November 7, the total inflows in the US spot Bitcoin ETFs stood at a staggering $1.371 billion as the nine ETFs scooped a total of 17,880 Bitcoins in a single day. This is nearly 40 times, the daily Bitcoin production of 450 BTC. The development came soon as the Fed announced 25 basis points interest rate cuts yesterday.

✅ 11/7: U.S. 🇺🇸 Bitcoin ETFs purchased 17,880 Bitcoin (vs. 450 BTC mined) for $1.37 Billion USD 👇 pic.twitter.com/bQgRVPveI5

— HODL15Capital 🇺🇸 (@HODL15Capital) November 8, 2024

Once again, the BlackRock Bitcoin ETF (IBIT) played a crucial role as it added 14,607 Bitcoins to its kitty in a single day. Also, the daily trading volume for BlackRock’s IBIT stood at $1.8 billion on Thursday, after hitting the milestone of $4.1 billion on the previous day. Below is the list of the top four single-day inflows registered by IBIT this year so far.

• November 7 – $1.12 billion, 14,607 BTC
• October 30 – $872 million, 12,127 BTC
• March 12 – $849 million, 11,947 BTC
• March 5 – $788 million, 12,447 BTC

Following Thursday’s development, the total assets under management for the BlackRock Bitcoin ETF (IBIT) have shot up over $34 billion with a staggering 447,281 BTC holdings. For context, this is nearly double the 252,220 BTC holdings of Michael Saylor’s MicroStrategy. Apart from BlackRock, Fidelity’s FBTC saw $190 million in inflows yesterday, per the data from Farside Investors.

The Donald Trump victory in the US Presidential Elections has arrested the outflows from spot ETFs earlier this week. Just after the victory results, the inflows have crossed more than $2 billion in the last two days. This shows that investors are quite bullish about a bright future for Bitcoin under the Trump administration.

Bitcoin Hits Fresh All-Time High

Amid the strong ETF inflows, the Bitcoin (BTC) price has surged another 2% today hitting a fresh all-time high of $79,943 today. The bulls have continued to show strength while defending the support at $75,000 level.

With this current price action and nearly 10% gains on the weekly chart, Bitcoin has once again managed to enter the bullish channel. This sets up the stage for a BTC price rally to $100K levels.

#Bitcoin – Original squiggle from March had us hitting $80,000 this year after a long period of chop. Can't wait to retire this chart once that plays out and focus on us getting to the top of the channel which is $100,000. pic.twitter.com/sSDsQTRuiH

— IncomeSharks (@IncomeSharks) November 8, 2024

Also, talks about a strategic Bitcoin reserve for the United States have been heating up recently. Wyoming Senator Cynthia Lummis and others have been laying out the roadmap for the same. However, an official announcement from the Trump administration is required for this to happen.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.