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BlackRock's Bitcoin ETF Sees Record $1.1B Inflow, Surpasses Gold Fund as Bitcoin Hits New High

Nov 8, 2024, 06:40 AM

BlackRock's iShares Bitcoin Trust (IBIT), launched in January 2024, recorded a record-breaking $1.1 billion net inflow on November 7, 2024, marking the largest single-day inflow ever for a Bitcoin ETF, with a trading volume of $4.1 billion. On that day, U.S. Bitcoin ETFs purchased approximately 17,880 BTC, and total net inflows reached $1.38 billion. As a result, BlackRock's Bitcoin ETF has surpassed its own Gold ETF, launched in 2005, in assets under management, reaching $33.2 billion compared to the Gold ETF's $32.9 billion. This significant inflow coincided with Bitcoin's price reaching a new all-time high above $75,000, following Donald Trump's election victory. Institutional demand for Bitcoin is surging, as evidenced by these record ETF inflows.