In an extraordinary demonstration of demand for Spot Bitcoin ETFs, U.S. funds saw a record daily net inflow of $1.38 billion as Bitcoin itself hit new all-time highs. BlackRock's IBIT fund dominated the inflows, attracting a record $1.12 billion of the total, reflecting the hype of recent events and a growing appetite for regulated BTC exposure among traditional investors.
Most definitely, more and more people are weighing in on Spot Bitcoin ETFs, which shows that investors are beginning to prefer safe, regulated Bitcoin-based financial products over direct exposure.
This increased interest is a sign that the retail side of the market is moving toward digital assets, especially as institutions like BlackRock offer access to the cryptocurrency through structured and compliant investment vehicles.
💥 On November 7, Bitcoin spot ETFs recorded an impressive $1.376 billion daily net inflow, marking a new all-time high 📊
Get all the insights on our ETF dashboard👇https://t.co/NOJaSgslnX pic.twitter.com/hCpDHObx0N
— SoSoValue (@SoSoValueCrypto) November 8, 2024
Meanwhile, this ETF-driven activity parallels Bitcoin's upward momentum, with the cryptocurrency hitting all-time highs for three consecutive days.
$76,999 per Bitcoin
According to Binance Futures, the price of BTC hit a recent high of $76,849.99, while Coinbase records showed an even slightly higher high of $76,999, underscoring how the asset continues to gain as investor interest becomes abnormal.
Ethereum-based ETFs have also caught the attention of investors, recording the third-highest single-day inflow in history, bringing in $79 million during the last trading session.
This development suggests that interest in crypto-backed financial products may extend beyond Bitcoin, suggesting a more diversified approach by investors looking to tap into a wider range of digital assets or trying to catch up through beta, as Ethereum lags significantly behind BTC in terms of price action.
