Key Points:
This incredible activity reflects growing confidence in Bitcoin-based exchange-traded funds because investors increasingly use such regulated products to take positions in the leading cryptocurrency.
Front and centre were BlackRock’s IBIT ETF, posting a record $4.65 billion in daily turnover as the fund’s popularity among investors continues to grow. BlackRock’s IBIT ETF was solely responsible for a $756-million net inflow for the same period, accounting for the lion’s share of yesterday’s ETF inflows. This kind of unprecedented activity signals that institutional and retail investors are considering Bitcoin ETFs as a safer and more accessible path to Bitcoin investment. But in this domain, BlackRock’s ETF has stolen the show, leveraging its strong asset manager credentials to attract high trade volumes.
Read more: Bitcoin Spot ETF Inflows Hit Record $1.376 Billion on Nov 7
Fidelity’s Bitcoin ETF, FBTC, also joined in with a net inflow of $135 million yesterday. Far smaller than BlackRock’s, the steady demand for Fidelity’s product means the interest in Bitcoin ETFs is diversified across multiple issuers. The collective influx into these ETFs indicates Bitcoin’s resurgence in the financial markets thanks to increased institutional participants offering crypto assets to investors via new investment products.
The new activities in Bitcoin spot ETFs are pretty significant, as they may impact the overall cryptocurrency market by increasing its liquidity and increasing the adoption of Bitcoin inside traditional finance. Analysts say that sustained demand for Bitcoin ETFs means continued inflows can support asset prices and legitimize Bitcoin as an asset class, bridging the gap between crypto and traditional finance even more.
DISCLAIMER: The information on this website is provided as general market commentary and. does not constitute investment advice. We encourage you to do your own research before investing. |
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