Key Points
- U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $621.9 million in net inflows on Nov. 6.
- The inflow surge was led by Fidelity’s spot Bitcoin ETF, FBTC, with $308.77 million added to its holdings.
U.S. spot Bitcoin ETFs experienced a significant rise in net inflows on November 6, amounting to $621.9 million. This substantial increase coincided with Bitcoin reaching a record high of over $76,000.
Details on the Inflows
SoSoValue’s data revealed that the 12 spot Bitcoin ETFs had net positive inflows, breaking a three-day outflow streak where $712.9 million exited these funds.
Fidelity’s spot Bitcoin ETF, FBTC, led this surge, with $308.77 million added to its holdings, ending a four-day inflow streak. Other contributors to the inflows included ARK 21Shares’s ARKB, Grayscale Bitcoin Mini Trust, and Bitwise BITB, with inflows of $127 million, $108.81 million, and $100.92 million respectively.
Additional Inflows and Outflows
Inflows were also seen by Grayscale’s GBTC and VanEck’s HODL, at $30.91 million and $17.18 million respectively. However, BlackRock’s flagship iShares Bitcoin Trust saw outflows of $69.11 million, contrasting with the positive momentum seen in most spot Bitcoin ETFs. Since its inception, the largest bitcoin ETF in terms of net assets held has seen over $26 billion in total net inflows.
Bloomberg ETF analyst Eric Balchunas pointed out that IBIT experienced its highest trading volume ever on Nov. 6, with over $4.1 billion in daily trades. This surpassed major stocks like Berkshire Hathaway, Netflix, and Visa. On the same day, IBIT rose 10%, marking its second-best performance since its launch.
Other Bitcoin ETFs also saw their trading volumes double compared to their average, marking one of their strongest days since January, according to Balchunas.
This significant net inflow into Bitcoin ETFs occurred during a bullish period for Bitcoin, which hit a new all-time high of $76,240 on Nov. 6.
Bitcoin’s Price Rally and Future Prospects
Bitcoin’s price rally happened shortly after the election of pro-crypto Donald Trump as the next U.S. president. Bitcoin’s price has since slightly pulled back to $74,721. Analysts suggest that Trump’s election, along with his anticipated pro-crypto policies, may spur growth not only for Bitcoin but also for other digital assets.
In 2024, several asset managers filed with regulators to list ETFs holding alternative cryptocurrencies such as Solana, XRP, and Litecoin. Additionally, several crypto index ETFs—offering exposure to a diversified selection of tokens—are also awaiting approval.