NewsletterCan BlackRock Bitcoin ETF Inflows Push BTC Price to $100K In November?
Highlights
- The BlackRock Bitcoin ETF saw nearly $3 billion in the last week alone leading the entire market.
- The broader "Bitcoin Industrial Complex," which includes ETFs and crypto stocks like MSTR and COIN, saw its second-highest trading day yesterday.
- IBIT’s rapid growth could play a key role in pushing BTC price to $100K very soon.
The BlackRock Bitcoin ETF (IBIT) has been leading its peers with a $778 million inflow on Tuesday and nearly $3 billion in inflows over the past week. It has also been a strong contributor to the $30 billion trading volumes of the ‘Bitcoin Industrial Complex’ comprising ETFs, and stocks like MSTR, COIN, etc. Amid the strong inflow, market analysts believe that the BTC price can rally to $100K by the end of November itself.
Why BlackRock Bitcoin ETF Is Unstoppable?
BlackRock’s IBIT has been single-handedly driving the US Bitcoin ETF market with its inflows nearing $29 billion within just 10 months of launch. Its rapid growth makes IBIT nearly 3x the size of its immediate competitor i.e. Fidelity’s FBTC, per data from Farside Investors.
On Tuesday, November 12, BlackRock’s IBIT clocked inflows of more than $750 million for the second consecutive day. On Tuesday, November 12, the total inflows stood at $817 million as US Bitcoin ETFs purchased 9,040 BTC on Tuesday. In just the last 5 trading sessions, the nine combined ETFs saw inflows of a staggering $4.2 with IBIT contributing the lion’s share.
Yesterday, IBIT also recorded more than $3.68 billion in daily trading volumes. Bloomberg ETF strategist Eric Balchunas reported that the “Bitcoin Industrial Complex” saw another intense trading day, with shares worth over $30 billion traded. Along with the ETFs, the industrial complex also comprises Bitcoin and crypto stocks like MSTR, COIN, etc.
This marks the second-highest day on record following yesterday’s peak. While trading volumes remain exceptionally high, there are signs of slight cooling.
Will IBIT Contribute to BTC Rally Ahead?
The recent inflows into IBIT following Trump’s victory last week show that institutional players are rushing to buy their share of BTC expecting a mega rally ahead. As a result, the combined factor of net inflows and the BTC price rally led to the total AUM of US Bitcoin ETFs surging past $90 billion in assets. With this milestone, Bitcoin ETFs are now 72% of the way toward surpassing the asset levels of gold ETFs.
The BlackRock Bitcoin ETF (IBIT) has now outpaced its Gold ETF (IAU) in total assets, achieving this milestone in just 10 months. By comparison, IAU, launched in January 2005, took significantly longer to reach similar asset levels.
Inflows into BTC ETFs will play a crucial role in taking the BTC price further past the crucial junction of $90,000 and further to the desired target of $100K. Antoni Trenchev, the co-founder of the crypto wealth platform Nexo, recently stated that he expects the BTC price to $100K “very soon” as part of the Trump rally. He also added that now is not the time to sell.
Bitcoin will hit $100k “very soon,” @AntoniNexo tells CNBC's @dan_murphy as traders turn bullish on Trump’s crypto plans. pic.twitter.com/wBxG8yhS1t
— CNBC Middle East (@CNBCMiddleEast) November 13, 2024
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