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On November 7, BlackRock’s spot Bitcoin ETF, known as IBIT, experienced a record-breaking day with $1.1 billion in inflows, as Bitcoin reached an all-time high of $76,943. This surge underscored growing interest in cryptocurrency ETFs and marked a strong comeback for BlackRock after two days of minor outflows totaling $113.3 million, according to data from Farside. BlackRock’s ETF alone contributed to 82% of the $1.34 billion total inflows received by all U.S.-listed spot Bitcoin ETFs on that day.
The Fidelity Wise Origin Bitcoin Fund (FBTC) trailed behind with inflows of $190.9 million, while the ARK 21Shares Bitcoin ETF (ARKB) saw $17.6 million. Traders are predicting sustained momentum for the remainder of the month.
“Expect another massive day tomorrow,” commented The Bitcoin Therapist on X. Crypto analyst Rajat Soni also echoed this sentiment, urging his followers to “buckle up” in anticipation of continued gains.
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BlackRock’s Dominance in Bitcoin ETF Inflows
BlackRock’s ETF has swiftly become a market leader in the Bitcoin ETF landscape. November 7 marked a milestone not only for BlackRock but for Bitcoin ETFs in general, as the IBIT inflow represented the largest single-day fund flow recorded in the history of any Bitcoin ETF.
The impressive volume came just a day after the IBIT ETF registered nearly $1.1 billion in trading volume within the first 20 minutes of the market’s opening on November 6.
Analysts Brace for Continued Growth
Bloomberg’s ETF analyst Eric Balchunas remarked on the unexpected magnitude of the inflows. Although he had anticipated a large trading day, the final figure exceeded his expectations. In a recent X post, Balchunas stated, “Told y’all it was prob gonna be big, altho even I am surprised it’s that big, by far biggest one day flow of any btc etf ever.”
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Bitcoin’s rally has coincided with a political shift in the U.S. following Donald Trump’s re-election on November 5. Many analysts speculate that Trump’s pro-business policies could further stimulate the crypto markets, adding fuel to the ongoing “PumpVember” trend that some in the industry have championed.
