Bitcoin ETFs log $621.9m inflows as BTC hits all-time high of $76K

Spot Bitcoin exchange-traded funds in the US recorded net inflows of $621.9 million on November 6, while Bitcoin rose to an all-time high of over $76,000.

According to SoSoValue data, 12 spot Bitcoin ETFs saw net positive inflows on Monday, breaking a three-day streak of outflows that saw $712.9 million exit the funds.

Fidelity’s spot Bitcoin ETF FBTC led the inflow surge, adding $308.77 million to its holdings, breaking a four-day inflow streak. ARK 21Shares’ ARKB, Grayscale Bitcoin Mini Trust, and Bitwise BITB helped inflow $127 million, $108.81 million, and $100.92 million respectively.

Grayscale’s GBTC and VanEck’s HODL brought in more modest inflows of $30.91 million and $17.18 million, respectively.

In comparison, BlackRock’s flagship iShares Bitcoin Trust experienced an outflow of $69.11 million, a departure from the positive momentum seen in most spot Bitcoin ETFs. The largest Bitcoin ETF in terms of net assets held has seen over $26 billion in total net inflows since launch day.

Bloomberg ETF analyst Eric Balchunas emphasized that IBIT experienced its highest trading volume ever on November 6, surpassing major stocks such as Berkshire Hathaway, Netflix and Visa with a daily trading volume of over $4.1 billion. IBIT rose 10% on the day, marking its second-best performance since launch.

Other Bitcoin ETFs similarly doubled their trading volumes compared to their averages, making this one of their strongest days since January, Balchunas wrote in a follow-up post.

Significant net inflows into Bitcoin ETFs occurred in the midst of a bullish period in which Bitcoin reached an all-time high of $76,240 on November 6.

The rise in Bitcoin’s price came shortly after pro-cryptocurrency Donald Trump was elected the next president of the United States, securing a majority of more than 270 Electoral College votes and the popular vote. Even though some ballots were not counted, it was announced that Trump won.

Bitcoin (BTC) has since fallen slightly to $74,721, according to Crypto.news data. Analysts suggest that Trump’s election, combined with his expected pro-crypto policies, could boost growth not only for Bitcoin but other digital assets as well.

In 2024, many asset managers approached regulators to list ETFs holding alternative cryptocurrencies such as Solana, XRP, and Litecoin. Additionally, several crypto index ETFs offering access to a variety of token options are also awaiting approval.