Bitcoin and Ethereum funds register huge inflows, Blackrock leads the way
Bitcoin funds registered the largest inflows of $1.378 billion after winning the election. BlackRock's #Bitcoin #ETF saw a significant increase in assets, adding $1.25 billion in BTC.
#Ethereum ETF followed the BTC movement with two large inflows totaling $165.6 million.
Since the beginning of the week, the price of bitcoin rose from $67,849 to a high of $77,230 amid the excitement surrounding the U. S. presidential election! With cryptocurrency candidate Trump in the lead, bitcoin and Ethereum spot ETFs saw significant gains this week, bringing back institutional interest in cryptocurrencies.
Bitcoin ETF witnessed the most significant trading activity in recent times, with the bitcoin ETF experiencing the second largest outflows of $541 million on Nov. 4. Investors were withdrawing funds due to uncertainty surrounding the U. S. election.
BTC and ETH ETFs experienced a volatile trading week, experiencing several large inflows and outflows amid the U. S. election and President Trump's victory.
However, just days later, on Nov. 6, following Trump's election victory, the bitcoin ETF saw a huge inflow of $621.9 million. This inflow signaled that investor confidence had increased.
The next day, November 7, the largest ever inflow into the Bitcoin ETF Fund of US$1.378 billion showed the growing interest of the market.
the main factor of this was a major investment company BlackRock. BlackRock ETF Bitcoin Fund, IBIT, added 16,254 BTC (worth about 1.25 billion U. S. dollars) to its assets. Thus, the total value of BlackRock bitcoin holdings reached 449,967 BTC, which is $34.4 billion more than the value of gold in the world.
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