Bitcoin spot ETF funds flow back, BlackRock's IBIT trading volume hits a new high

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Bitcoin spot ETF funds flow back, BlackRock

With Trump's victory, Bitcoin hits a new all-time high. The trading volume of BlackRock's Bitcoin spot ETF IBIT reached a new peak yesterday, and overall Bitcoin spot ETFs also saw capital inflows.

BlackRock's IBIT Bitcoin ETF Sets New Trading Volume Record, Surpassing Netflix

According to a post by Bloomberg ETF analyst Eric Balchunas, BlackRock's Bitcoin spot ETF IBIT reached a new trading volume high of $4.1 billion on 11/6, surpassing the trading volume of stocks like Berkshire Hathaway, Netflix, or Visa on the same day. The total trading volume of all Bitcoin spot ETFs was $6 billion, marking an explosive day across the board. Balchunas believes that some of this trading volume will translate into capital inflows, which may occur on Thursday or Friday evening.

Bitcoin Spot ETF Funds Flowing Back Again

Prior to the U.S. election, there was a wave of selling pressure on Bitcoin spot ETFs as some investors exited in response to the uncertainty surrounding the election. In the three days leading up to the election, a total of $710 million flowed out of Bitcoin spot ETFs. However, with Trump's election victory, hopes have risen for the crypto industry, and buying interest has returned. According to statistics from SoSoValue, a significant $621.9 million flowed back in on 11/6, with Fidelity's FBTC receiving $309 million in inflows and Ark's ARKB receiving $127 million. The total net asset value of all Bitcoin spot ETFs has reached $76.48 billion.

In a twist of events, BlackRock's IBIT saw a net outflow of $69.11 million. Whether the high trading volume from yesterday, as Balchunas suggested, will translate into capital inflows, will only become apparent in the coming days, making it worth continued observation.

Bitcoin Reaches New All-Time High Again

With Trump's victory seen as a huge boon for the crypto industry, Bitcoin broke through its March high of $73,777 yesterday, and last night, as U.S. stocks continued to hit new highs, it reached a peak of $76,400 before the deadline.

Trump's election victory brings a windfall, as Bitcoin and the three major U.S. stock indices hit all-time highs simultaneously.