Cryptocurrency exchanges such as Coinbase, Binance, or CoinMarketCap

BlackRock's Bitcoin ETF Sees Record $1.1B Inflow, Assets Reach $33.2B Surpassing Gold Fund

Nov 8, 2024, 03:00 PM

BlackRock's iShares Bitcoin Trust (IBIT) recorded its largest single-day net inflow of $1.1 billion on November 7, 2024, purchasing approximately 17,880 Bitcoin and signaling strong institutional interest in the cryptocurrency. This influx contributed to US Bitcoin spot ETFs collectively receiving a record-breaking $1.38 billion in net inflows on the same day, buying more than 33 days’ worth of newly mined Bitcoin. The significant inflows have propelled IBIT's assets under management to $33.2 billion, surpassing those of BlackRock's iShares Gold Trust (IAU) at $32.9 billion, despite the gold ETF being established in 2005 and the Bitcoin ETF launching in January 2024. IBIT posted record trading volume of $4.1 billion on November 7. The surge in ETF investments coincides with Bitcoin's price reaching $77,000, indicating heightened investor interest in the cryptocurrency market.