Bitcoin & Ethereum ETFs See Record Inflows Post Elections; BlackRock Leads
Mustafa Mulla9 Nov 20242 min read
Bitcoin has had a thrilling week, skyrocketing from $67,849 to a new all-time high (ATH) of $77,230, driven by excitement surrounding the U.S. presidential election.
With pro-crypto candidate Donald Trump winning, the market has seen a wave of activity, sparking renewed institutional interest in Bitcoin and Ethereum. But what’s behind this sudden surge, and how are crypto ETFs reacting to the election drama?
The story doesn’t end with price highs—there’s a deeper shift happening in the market. Keep reading to know more.
Bitcoin ETFs See Record Inflows & Outflows
Bitcoin ETFs have seen some of the highest trading activity in recent history. On November 4, as the election created uncertainty, Bitcoin ETFs faced the second-largest outflow ever, with $541 million being pulled. But just two days later, after Trump’s lead, Bitcoin ETFs saw a major inflow of $621.9 million, reflecting growing investor confidence.
The surge continued on November 7, when Bitcoin ETFs saw their largest-ever inflow of $1.378 billion. This marked a strong rebound in market sentiment.
BlackRock Boosts Investor Sentiment
A big reason for this boost was BlackRock, one of the world’s largest investment firms. On November 7, BlackRock’s Bitcoin ETF (IBIT) added 16,254 BTC (worth about $1.25 billion) to its holdings. This pushed BlackRock’s total Bitcoin holdings to 449,967 BTC, worth $34.4 billion—more than the value of all the gold in the world.
This move has only strengthened investor confidence in Bitcoin as a digital asset.
Ethereum ETFs Follow the Trend
While Ethereum didn’t even stand back when BTC was surging. Similarly on 4th Nov ETH recorded the 7th largest outflow of $63.2 million. However, by November 7 and 8, Ethereum ETFs saw significant inflows, marking the third- and fourth-largest inflows in their history.
On November 7, Ethereum ETFs experienced an inflow of $79.7 million, followed by an even bigger surge the next day, with $85.9 million flowing in.
Leading the charge was BlackRock’s spot Ether ETF, which saw its highest daily inflow in 94 days, with $60.3 million flowing in.
Ethereum’s Price Tests Key Resistance Levels
Ethereum is currently trading at around $3,031, up 21% in the past week, with a market cap of $365 billion. The price is testing the 100-day Simple Moving Average (SMA) around the $3,000 level. If Ethereum breaks above this level, it could push toward the next resistance at $3,366, bringing it closer to the $4,000 mark.
Good times are ahead for cryptocurrency! We’re excited – and hope you are too!
