BlackRock’s Bitcoin ETF receives record-breaking daily inflow of over $1.1 billion – Decrypt

BlackRock’s iShares Bitcoin Trust (IBIT) has achieved a new milestone with its largest single daily inflow since its listing in January, driven by the increasing demand for U.S. spot Bitcoin exchange-traded funds amidst heightened investor interest.

On Thursday, IBIT attracted a total of $1.12 billion, surpassing its previous record of $872 million on October 30, according to data from SoSoValue.

The fund, outperforming its 10 competitors, now has a net asset value of $34.2 billion, supported by the increased value of Bitcoin.

According to Pav Hundal, lead market analyst at crypto exchange Swyftx, “We’re in a goldilocks scenario right now of monetary easing, political certainty, and robust US data. Capital is flowing into the ETFs at a remarkable pace.”

Interest in the largest crypto has reached its peak, pushing its value beyond $76,870, while activity in altcoins and meme coins continues to surge.

Hundal noted, “ETFs are accumulating Bitcoin at a rate twice as fast as it can be created, signaling a potential broad-based crypto rally in the near future.”

IBIT recorded a record $4 billion in trading volume on Wednesday, surpassing Fidelity after President-elect Donald Trump secured a second term as the 47th president of the United States.

Many view Trump’s victory as positive for digital assets as he has pledged to support crypto mining, establish a Bitcoin reserve, and introduce favorable policies.

As IBIT rises as a leading Bitcoin ETF, sentiments around institutionalized crypto investments are changing. IBIT continues to attract steady inflows, while Grayscale’s GBTC, the second largest with $16.8 billion in net assets, faces outflows due to high fees.

BlackRock charges a 0.25% fee (waived until January), while GBTC charges a higher 1.5% fee. Fidelity’s FBTC, with a 0.25% fee, ended its waiver period in July.

Edited by Sebastian Sinclair