- US Bitcoin ETFs achieve record-breaking inflows following Trump’s re-election, which drove Bitcoin to all-time highs.
- BlackRock’s IBIT fund alone received US$1.12 billion, significantly boosting its share of the total Bitcoin supply.
- IBIT now controls over 2% of all Bitcoin, with the ETFs combined holding nearly 5%.
- Ethereum ETFs also see increased activity, with high hopes for a possible approval of Solana ETFs amid regulatory speculations.
The US Spot Bitcoin exchange-traded funds (ETFs) are going from strength to strength. Following Donald Trump’s re-election as president of the United States, and sending Bitcoin to new all-time highs, the ETFs have just broken several records.
Related: AI and Crypto Revolution Is Coming, Says Raoul Pal, with Bitcoin Potentially Hitting US$2.6 million
The latest data from 7 November shows that Thursday was both the day with the largest inflows for the funds combined and for the largest fund, IBIT.
Swyftx Lead Market Analyst Says We’re in a Goldilocks Scenario
While all funds together saw a massive US$1.37 billion (AU$2.06 billion) in net inflows, BlackRock’s IBIT received a whopping US$1.12 billion (AU$1.68 billion) alone.
The funds combined now hold almost 5% of the total Bitcoin supply, with IBIT accounting for over 2% of the total supply, holding approximately 446,000 BTC.
Bloomberg Senior ETF Analyst Eric Balchunas wrote on Crypto Twitter that although he expected a big move, he was surprised by how big it was in the end. Remarkably, a day earlier, just after Trump had won the election, IBIT saw over US$1 billion (AU$1.5 billion) of trading volume within the first 20 minutes of trading.
Pav Hundal, lead market analyst at Australian crypto exchange Swyftx, said the setup couldn’t be better right now.
We’re in a goldilocks scenario right now of monetary easing, political certainty, and robust US data. Capital is everywhere, and right now, it’s flooding into the ETFs at an extraordinary velocity.
Pav Hundal, lead market analyst at SwyftxHe added that the funds are “accumulating Bitcoin faster than it can be created by a factor of two to one”, leading to a broader crypto rally before long.
Sooner or later, this will tip across into a broad-based crypto rally. Probably sooner.
Pav Hundal, lead market analyst at SwyftxEthereum Flows Up Too, Solana Fund Next?
Meanwhile, the US Ethereum ETFs also saw a strong trading day. The Ether funds, which had lost a bit of momentum recently, had US$79.7 million (AU$119.8 million) in total net flows, the third largest day since they started trading in July 2024.
While these flows are much lower than those of the Bitcoin funds, Bitcoin has of course a much larger market cap than Ethereum, making this some major inflows for the second largest crypto.
Related: Trump Made Big Promises for Crypto, Here’s What’s Next According to Experts
The next question on everyone’s mind is whether the US Securities and Exchange Commission (SEC) will approve Solana ETFs next – and whether Gary Gensler will be still around (at the SEC) or whether the former Goldman Sachs man will assume another crypto-related role…
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