Key Points
- On November 7, U.S. spot Bitcoin ETFs saw a record $1.38 billion in net inflows, largely led by BlackRock’s IBIT.
- BlackRock’s spot Bitcoin ETF alone accounted for $1.12 billion of the total net inflows, reversing the previous two-day outflows.
On November 7, a record-breaking $1.38 billion in net inflows was marked by the U.S. spot Bitcoin ETFs. The majority of this was driven by BlackRock’s IBIT.
Data from SoSoValue shows that BlackRock’s spot Bitcoin ETF alone was responsible for $1.12 billion of the total net inflows for the day. This was a historic high, reversing the previous two days of outflows that totaled $113.3 million.
IBIT Leads the Way
IBIT’s inflows made up over 81% of the total $1.38 billion in net inflows recorded across the 11 U.S.-listed spot Bitcoin ETFs on that day.
Following IBIT, Fidelity’s FBTC saw the second-largest inflow, with $190.92 million. This was after leading the ETFs with $308.8 million inflows the previous day.
Other Bitcoin ETFs contributing to the net inflows included Grayscale Bitcoin Mini Trust with $20.38 million, ARK and 21Shares’ ARKB with $17.61 million, Bitwise’s BITB with $13.36 million, VanEck’s HODL with $4.34 million, and Valkyrie’s BRRR with $2.17 million. The remaining four Bitcoin ETFs reported no flows on the day.
Record Inflows Amid Bitcoin’s Price Discovery Phase
The total trading volume across the 12 spot Bitcoin ETFs reached $2.76 billion on Nov. 7, which was notably lower than the $6.07 billion recorded the previous day.
On November 6, Eric Balchunas, a Bloomberg ETF analyst, noted that IBIT alone saw nearly $1.1 billion in trading volume within the first 20 minutes of market opening. This was immediately following Donald Trump’s election victory on November 5.
With the November 7 inflows, cumulative net inflows across all 12 Bitcoin ETFs have reached $24.79 billion since their respective launches.
The record inflows coincided with Bitcoin’s (BTC) continued ascent to new all-time highs, with CoinGecko data showing a peak price of $76,872 before a slight retraction to $76,027 at the time of writing.
Traders expect further significant inflows in the coming days amid Bitcoin’s price discovery phase. A crypto trader known as The Bitcoin Therapist predicted another massive day of inflows.
Balchunas, who had forecasted a significant inflow based on trading volume trends, expressed surprise at the record-breaking scale of November 7’s inflows.
On November 8, Nate Geraci speculated that this influx might be partially due to crypto-native investors transitioning from holding Bitcoin directly to ETF positions, now almost ten months post-launch.
