In summary
- BlackRock’s iShares Bitcoin Trust (IBIT) hit a new record of $1.12 billion in daily inflows, highlighting a surge of interest in US spot Bitcoin ETFs.
- With a net worth of $34.2 billion, IBIT has outperformed its competitors thanks to the rise in the price of Bitcoin, while benefiting from a low 0.25% management fee, waived until January.
- Donald Trump’s recent second term boosts confidence in digital assets, while analysts like Pav Hundal anticipate a widespread crypto rally due to high demand for Bitcoin in ETFs.
BlackRock’s iShares Bitcoin Trust (IBIT) has set a new record for its largest single daily inflow since listing in January, as demand for US spot Bitcoin exchange-traded funds (ETFs) experiences a growing business activity amid growing investor interest.
IBIT attracted a total of $1.12 billion on Thursday, surpassing its previous record from Oct. 30 of $872 million, according to data from SoSoValue.
The fund, which has become a dominant force among its 10 rivals, has a net asset value of $34.2 billion, strengthened by the rising price of Bitcoin.
“We are in an ideal scenario right now of monetary easing, political certainty and strong US data,” Pav Hundal, chief market analyst at Cryptocurrency exchange Swyftx, told Decrypt. “Capital is everywhere, and right now, it is flooding into ETFs at an extraordinary speed.”
The IBIT has surpassed its previous record set at the end of October. Credit: SoSoValue.
Investor interest in the world’s largest cryptocurrency is at an all-time high, leading to record heights for the asset above $76,870 amid growing activity among altcoins and memecoins.
“ETFs are accumulating Bitcoin faster than it can be created by a ratio of two to one,” Hundal added. “Sooner or later, this will tip towards a broad-based crypto rally. Probably sooner.”
The mark comes after IBIT posted a record $4 billion in trading volume on Wednesday, far surpassing its closest rival, Fidelity, after President-elect Donald Trump secured a second term as the 47th president of the United States. USA.
Trump’s victory in the White House is seen by many in the industry as a boost for digital assets. He has promised to protect cryptocurrency Mining interests, establish a Bitcoin reserve, and implement favorable policies.
IBIT’s rise as one of the top Bitcoin ETFs comes amid a shift in sentiment about institutionalized cryptocurrency investments. The fund has maintained steady inflows since its inception, while Grayscale’s GBTC, the second largest in net assets at $16.8 billion, has faced negative outflows due to its high fees.
BlackRock charges a fee of 0.25%, waived until January, while GBTC charges a significantly higher commission of 1.5%. For its part, Fidelity’s FBTC also charges 0.25%, although its exemption ended in July.
Edited by Sebastian Sinclair
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