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BlackRock's IBIT spot bitcoin ETF (exchange-traded fund) saw a record inflow of $1.1 billion after the US Federal Open Market Committee (FOMC) announced a 25 basis point rate cut, which sent btc to a new all-time high (ATH).
IBIT saw $1,119 million entering its reserves on November 7 after two consecutive days of outflows for a total of $113.3 million, according to bitcoin-etf-flow-all-data/”>data of Farside investors. bitcoin reacted by rising to a new ATH of $76,943, according to CoinMarketCap.
<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/11/BlackRock-IBIT-Bitcoin-ETF-Sees-Record-Inflow-of-11-Billion.jpeg" alt="Former BlackRock Director Predicts SEC Will Approval bitcoin ETF Within “3 a 6 meses” | de Christopher Pfeiffer | Noticias criptográficas supremas | Medio”/>
BlackRock's IBIT Leaves Spot bitcoin ETF Rivals Behind
BlackRock IBIT The fund outperformed its rival bitcoin spot ETFs yesterday by a wide margin in terms of inflows. The second largest inflow was recorded by Fidelity's FBTC, with $190.9 million added to its capital reserves.
Other bitcoin ETF funds, including ARKB, BITB, HODL, GBTC and btc, also recorded inflows. Bitwise's BITB and Ark's ARKB recorded positive flows of $13.4 million and $17.6 million, respectively.
Similarly, investors sent $4.3 million, $7.3 million, and $20.4 million to HODL and Grayscale's GBTC and btc funds. The rest of the bitcoin ETF funds recorded no new flows that day.
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I told everyone it was probably going to be big, although even I'm surprised it's that big, by far the largest one-day flow of any btc etf. https://t.co/Q5MPDMrTYv
– Eric Balchunas (@EricBalchunas) twitter.com/EricBalchunas/status/1854722420906533218?ref_src=twsrc%5Etfw”>November 8, 2024
FOMC maintains rate cut streak
The massive IBIT inflows come amid an interest rate cut by the Federal Reserve's FOMC. Following the 50 basis point reduction it announced for September, the FOMC lowered its benchmark overnight borrowing rate to a target range of 4.50%-4.75%.
The latest interest rate cut had a positive impact on the cryptocurrency market, which saw its capitalization climb more than 2% in the last 24 hours.
Market leaders bitcoin (btc) and ethereum (eth) maintained their bullish momentum following a spike after Donald Trump won the US election, posting gains of over 1% and 3%.
Subsequently, btc rose over 9% in the weekly period, while eth rose 16% in the same period.
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