U.S. spot Bitcoin exchange-traded funds (ETF) products recorded massive inflows on Tuesday to almost $676 million. The volume of inflows nearly doubled the inflow registered on Monday, which stood at $353.7 million.
BlackRock Leads the Charge in ETF Surge
According to data from SoSoValue, the total net assets held by the various asset managers behind the U.S spot BTC ETF contracts have reached $104.25 billion. This represents approximately 1,076,609.7 BTC. This is about 23,391 BTC away from the estimated 1.1 million BTC held by wallets belonging to Bitcoin’s creator, Satoshi Nakamoto.
Leading the pack of asset holders is BlackRock’s iShares Bitcoin Trust ETF (IBIT), with $693.25 million of net capital inflow on the trading day. Fidelity Wise Origin Bitcoin Fund followed with $52.17 million in inflows.
Despite the massive inflow during trading, ARK 21Shares Bitcoin ETF (ARKB) lost $93.5 million in outflows on Tuesdays. Grayscale Bitcoin Trust, Invesco, Franklin, and Valkyrie recorded zero flow. Except for Franklin, this is the third consecutive day of no flows for Invesco, Franklin, and Valkyrie.
Can ETF Surge Signal Broader Adoption
The impressive performance of the ETF products pushed the November net inflow to $7.6 billion across the product market. This remarkable uptick has been attributed to Donald Trump’s recent victory in the U.S. election. Many analysts believe that Trump will adopt pro-crypto policies and regulations.
This positivity has driven market confidence up a notch. Notably, institutional investors have become more attracted to the Bitcoin ETF.
The growing interest in ETF products might trigger broader moves to other sectors. For instance, Tether has expanded its utility in the financial sector. As reported by TheCoinRise, Tether made history when it funded a $45 million crude oil transaction in October 2024.
Global Confidence in Bitcoin ETF Products Grows
Aside from the U.S. market, three Bitcoin spot ETF products on the Stock exchange (HKEX) set a new market record in Hong Kong. The trio registered a monthly trading volume of $154 million or 1.2 billion HKD in November 2024. They include ChinaAMC Bitcoin ETF, Bosera Hashkey BTC ETF, and Harvest Bitcoin Spot ETF.
This signals the rising confidence and interest in Bitcoin-related products in the United States and globally. Some analysts anticipate more utility for BTC ETF as adoption increases.
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