November 24, 2024

Bitcoin ETFs surge past $1 billion in inflows as market optimism grows

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Bitcoin exchange-traded funds (ETFs), which debuted this past January, logged more than $1 billion of inflows on Thursday, according to Decrypt, as the price of the world’s leading cryptocurrency continued to approach $100,000.

According to Farside Investors data, BlackRock pulled in the largest inflows, at more than $608 million, followed by Fidelity Wise Origin Bitcoin Fund with $301 million, and the Bitwise Bitcoin ETF with $68 million. In comparison, the ARK 21Shares Bitcoin ETF brought in just $17.2 million, while Franklin Bitcoin ETF lagged behind with $5.7 million.

The numbers, however, do not compare to the record ETF inflows in the days following Donald Trump’s re-election, particularly on November 7. For example, on November 7, Blackrock’s bitcoin ETF drew record-shattering inflows of $1.12 billion, according to SoSoValue data.

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Bitcoin is already shattering records and ascending new heights since Trump’s re-election, with most analysts projecting bitcoin will top $100,000 later this month. Even prominent bitcoin skeptic and financial analyst Jim Cramer has gone all in on the bitcoin, telling audiences that it is now a “winner.” This has provoked alarm in some quarters, as some investors speculate that doing the opposite of Cramer’s financial advice might yield more optimal results, out of fear of the potential ramifications of the “inverse Cramer” effect.

On Friday, bitcoin ETFs reached a new milestone, surpassing $100 billion in assets under management, according to Bloomberg ETF analyst Eric Balchunas. This puts bitcoin ETFs on track to become one of the largest holders of the world’s leading crypto by market capitalization, Balchunas said, potentially surpassing the estimated 600,000 to 1.1 million bitcoin held by Satoshi Nakamoto, the pseudonymous creator of the cryptocurrency.

In October, the U.S. Securities and Exchange Commission (SEC) also approved options trading for bitcoin ETFs, paving the way for world’s largest asset manager, BlackRock, to launch options trading for its bitcoin ETF earlier this month.

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