Key Points
- BlackRock’s Bitcoin ETF achieved a record trading volume of $4.1 billion.
- Bitcoin’s price rally pushed its market cap to $1.48 trillion, surpassing Meta’s market cap of $1.44 trillion.
Despite a rough start in November, Bitcoin [BTC] exchange-traded funds (ETFs) recorded significant inflows after three consecutive days of outflows.
Data from Farside Investors indicated that the daily total net inflows on November 6th reached $621.9 million.
Factors Influencing the Surge
This surge coincided with Donald Trump’s re-election, who had promised regulatory reform and support for the crypto industry.
However, the ETF IBIT did not contribute to this surge. It reported a daily net outflow of $69.1 million.
On the other hand, ETFs such as GBTC, FBTC, ARKB, BITB, BTC, and HODL recorded positive inflows.
BlackRock’s Bitcoin ETF Hits Record
Despite the dip, Eric Balchunas, a senior ETF analyst at Bloomberg, noted that IBIT reached an unprecedented trading volume of $1 billion within the first 20 minutes of market opening.
This contributed to IBIT’s record-breaking day with $4.1 billion traded.
At press time, IBIT held 433,644 BTC worth over $30 billion, becoming the leading Bitcoin ETF in the U.S.
Bitcoin’s Performance Post-Election
After Trump’s re-election, Bitcoin also experienced a significant surge, setting a new all-time high at over $76,000.
This came shortly after BTC hit a record peak of $75,000 before the election results.
The price rally pushed BTC’s market cap to an impressive $1.48 trillion, surpassing Meta’s market cap of $1.44 trillion and making it the 9th largest asset in the world.
This marked a historic moment for the cryptocurrency market, as it continues to challenge traditional assets for dominance.
