On November 6, US spot Bitcoin exchange-traded funds (ETFs) experienced a major turnaround, pulling in approximately $622 million in net inflows after three days of consecutive losses. The renewed interest comes even amid outflows from major ETFs like BlackRock’s iShares Bitcoin Trust (IBIT), which recorded its largest single-day outflow since inception.
IBIT Experiences Record Trading Volumes
While IBIT faced around $69 million in net outflows and Valkyrie’s BRRR ETF saw a $2 million reduction, IBIT’s trading volume surged, with Bloomberg ETF analyst Eric Balchunas noting it hit $4.1 billion on Monday. This figure surpassed the daily trading volumes of blue-chip stocks like Berkshire Hathaway, Netflix, and Visa. High volumes indicate strong market interest, with a mix of buying and selling activity contributing to overall ETF flows.
Among other ETFs, Fidelity’s FBTC led with $309 million in net buying, followed by ARK Invest’s ARKB with $127 million. Grayscale’s BTC ETF recorded an impressive $109 million inflow, marking its second-largest single-day gain since launch. Bitwise’s BITB fund also saw a notable $101 million inflow, its highest performance since February. Meanwhile, Grayscale’s flagship GBTC ETF posted $31 million in inflows, with VanEck’s HODL ETF bringing in $17 million.
Trump’s Return Boosts Confidence in Crypto Market
This resurgence in Bitcoin ETF inflows coincides with Donald Trump’s return to the White House, fueling optimism for the crypto market. His campaign’s pro-crypto stance, including plans for a national Bitcoin reserve, favorable crypto mining regulations, and the formation of an advisory committee for regulatory guidance, has boosted investor confidence. Trump’s victory has also stirred expectations of potential SEC leadership changes, which could further support the industry.
Bitwise’s Chief Investment Officer, Matt Hougan, believes Trump’s win could mark the start of a “golden age” for crypto, pointing to promising regulatory developments. Bitwise is one of 11 firms that launched spot Bitcoin ETFs in the U.S. this year, with BlackRock’s IBIT leading in size, holding 429,185 BTC valued at $30 billion.
Digital Asset Products Witness Record Inflows of $2.2 Billion
Last week, digital asset investment products attracted a record $2.2 billion in inflows, bringing the year-to-date total to $29.2 billion. This pushed assets under management (AuM) to $102 billion, marking only the second time in history that AuM has crossed the $100 billion mark.
Bitcoin accounted for the entire $2.2 billion inflow, while short-Bitcoin products saw an additional $8.9 million. Other assets, like Ethereum and Solana, recorded inflows of $9.5 million and $5.7 million, respectively. The U.S. led the way with the full $2.2 billion in inflows, with Germany contributing a more modest $5.1 million.
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