Eleven spot Bitcoin ETFs in the US posted a record inflow of funds as $1.37 billion went into the institutional investment product on November 7.
This huge flow of funds comes as Bitcoin hits new highs, nearing $77,000, following Donald Trump's victory in the presidential election this week and interest rate cuts by the US central bank.
The amount invested in spot Bitcoin ETFs has now reached $25.5 billion, according to Farside Investors.
BlackRock's IBIT Fund, which leads the industry, received $1.12 billion in inflows in one day on November 7, making it the highest day of inflows since the product launched in January, with total inflows now $27 billion.
According to BlackRock's official website, the iShares Bitcoin Trust has assets under management worth $32.8 billion from holdings of 432,674 BTC.
This record inflow also reversed the trend of two trading days of withdrawals from IBIT, which had previously seen $113 million taken out of the ETF. The only other notable inflow on the day was $191 million in the Fidelity Bitcoin ETF (FBTC). Bitwise, Ark 21Shares, and Grayscale also posted small inflows ranging from $13 million to $20 million.
Around $2 billion has flowed into spot Bitcoin ETFs in the US in the last two days as BTC surged to record highs on November 7, and the crypto market remains bullish.
Nine spot Ethereum ETFs also saw big inflows, the biggest since August 6 at $79.7 million. BlackRock ( ETHA ) and Fidelity ( FETH ) funds grabbed the lion's share of those inflows, with $23.7 million and $28.9 million, respectively.
While this figure is smaller than BTC ETF inflows, it should be noted that Ethereum's price and market capitalization is still a fraction of Bitcoin's.
Large inflows into ETH ETFs reduced net outflows to a negative $410 million, driven by continued migration from Grayscale's high-fee ETHE fund.
However, no outflows have been recorded for the last three days, indicating that displacement may be easing. Ether ETFs are likely to surge, especially if BTC assets continue to rise.
