The world’s largest asset management company BlackRock’s Bitcoin ETF, iShares Bitcoin Trust (IBIT), attracted a record $1.1 billion (approximately ₹9,100 crores) inflows in a single day on November 7, 2024. This is the largest single-day inflow ever, making this ETF the leader, outpacing all other competing Bitcoin ETFs.
Table of Contents
- About BlackRock’s iShares Bitcoin Trust (IBIT)
- Record-Breaking Inflows on November 7, 2024
- Bitcoin’s All-Time High Price
- Comparison with Competing ETFs
- Economic & Market Sentiment Behind the Surge
- Bitcoin as a Modern Safe-Haven Asset
- Institutional Adoption of Bitcoin
- Conclusion
Growing Bitcoin demand in the market
The price of Bitcoin reached $76,943 on this day, a new all-time high. This investment in IBIT was about 82% of the $1.34 billion inflows in the total US spot Bitcoin ETF.
Status of other ETFs
While BlackRock’s IBIT is winning the trust of investors, other ETFs are facing challenges. Fidelity’s FBTC lost about $87 million, while Grayscale’s GBTC lost $42 million and ARK Invest’s ARKB lost $226 million.
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Market sentiment and economic signals
According to experts, the US Federal Reserve’s interest rate cuts and political stability have boosted investor confidence. In addition, Bitcoin is being seen as a safe investment option similar to gold, leading to a rise in its demand.
Conclusion
BlackRock’s IBIT ETF has not only become a major choice for investors but is also a sign of growing acceptance of Bitcoin and growing confidence of institutional investors. It is clear from this record investment that Bitcoin and related ETFs will play an important role for investors in the future.
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