As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless trends and shifts that have shaped our industry. The unprecedented growth of the BlackRock Bitcoin ETF (IBIT) is one such phenomenon that has caught my attention.
Over the past week, the BlackRock Bitcoin ETF (IBIT) has been at the forefront, attracting a substantial $778 million on Tuesday alone and nearly $3 billion in total inflows. This ETF, along with other related investments like stocks such as MSTR and COIN, has significantly boosted the $30 billion trading volume of the Bitcoin financial sector. With this impressive influx, market experts predict that the price of Bitcoin could surge to $100,000 before November even comes to an end.
Why BlackRock Bitcoin ETF Is Unstoppable?
BlackRock’s IBIT has been dominating the US Bitcoin ETF market, with inflows reaching almost $29 billion in just ten months since launch. This growth makes IBIT approximately three times larger than its closest competitor, Fidelity’s FBTC, according to data from Farside Investors.
On November 12th, BlackRock’s IBIT received over $817 million in investments for two consecutive days, marking a significant increase as US Bitcoin ETFs collectively bought about 9,040 Bitcoins on that day alone. Over the past five trading sessions, these nine combined ETFs have seen inflows totaling an impressive $4.2 billion, with IBIT accounting for the majority of this amount.
Yesterday, IBIT registered a daily trading volume exceeding 3.68 billion dollars. Eric Balchunas, a strategist at Bloomberg ETF, noted that the “Bitcoin Financial Sector” experienced another high-volume trading day, with shares valued at over 30 billion dollars being traded. This sector, apart from ETFs, includes Bitcoin and other crypto stocks such as MSTR, COIN, among others.
Today’s activity ranks as our second busiest day ever, right after yesterday’s all-time high. Despite the massive trade volume, there are indications that things might be starting to calm down a bit.
Will IBIT Contribute to BTC Rally Ahead?
In the wake of Trump’s victory, there’s been a surge in investments into IBIT as institutional investors are eagerly purchasing Bitcoin, anticipating a significant price increase. This influx, combined with the Bitcoin price surge, has propelled the total assets under management (AUM) of US Bitcoin ETFs above $90 billion. This development brings Bitcoin ETFs to 72% of the way to overtaking the asset levels of gold ETFs.
The BlackRock Bitcoin Exchange-Traded Fund (IBIT) surpassed its Gold ETF (IAU) in terms of total assets, reaching this achievement in only 10 months. On the other hand, IAU, which was launched in January 2005, took a considerably longer period to accumulate similar asset amounts.
The influx into Bitcoin Exchange-Traded Funds (ETFs) could significantly propel Bitcoin’s price beyond the significant threshold of $90,000 and towards the anticipated goal of $100,000. Antoni Trenchev, the co-founder of Nexo, a crypto wealth platform, recently predicted that Bitcoin might reach $100K “soon” as part of what’s being referred to as the ‘Trump rally’. He also emphasized that now is not the right moment to dispose of your Bitcoins.
According to Antoni Nexo, speaking with Dan Murphy on CNBC, Bitcoin is expected to reach $100k in a short period due to the increasing optimism among traders regarding President Trump’s cryptocurrency initiatives.
— CNBC Middle East (@CNBCMiddleEast) November 13, 2024
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2024-11-13 14:46