Bitcoin spot ETFs in the US experienced a tremendous surge, reaching a trading volume of $7.22 billion on November 11. This marks the sixth-highest volume day for Bitcoin ETFs and the highest since March. BlackRock’s iShares Bitcoin Trust (IBIT) ETF was the primary contributor to this activity.
The increased trading volume aligns with post-election enthusiasm and expectations of favorable crypto regulatory outlooks in the US, alongside a notable Bitcoin price rally. Recently, Bitcoin surpassed silver in market capitalization, becoming the eighth-largest global asset.
Institutional demand for Bitcoin further amplifies as BlackRock’s IBIT consistently captures significant volumes. Notably, there was a record net inflow of over $1 billion in a single day, despite typically seeing substantial trading volumes and occasional outflows.
Simultaneously, Ethereum ETFs in the US set a new inflow record, exceeding $295 million, with BlackRock’s Ethereum Trust and Fidelity's Ethereum Trust leading. The influx signifies a robust recovery in the cryptocurrency ETF sector, spurred by optimistic market sentiment.
The rising institutional interest in Ethereum ETFs, highlighted by investments from major entities like Michigan’s largest public pension fund, demonstrates growing mainstream acceptance. These developments are indicative of the broader adoption of crypto assets as recognized institutional finance components.
