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Bitcoin ETFs See Record $1.3B Inflows on Trump Win, Fed Rate Cuts
BlackRock’s IBIT accounted for most of the inflows at $1.1 billion, with zero net outflows from any product.
Updated Nov 8, 2024, 6:16 a.m. Published Nov 8, 2024, 6:16 a.m.
- Bitcoin ETFs saw a record-breaking $1.38 billion in net inflows post-Trump's election win.
- Ethereum ETFs recorded $78 million in inflows, buoyed by optimism in DeFi after Trump's victory.
Bitcoin exchange-traded funds (ETFs) listed in the U.S. logged a record $1.38 billion in net inflows on Thursday, a day after Republican Donald Trump won the U.S. presidency.
BlackRock’s IBIT took on over $1.1 billion in net inflows, the most among all products, and its highest-ever since going live in January. Cumulative net inflows across all products crossed $25 billion for the first time. None of the twelve ETFs showed any net outflows.
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Ether ETFs logged $78 million in net inflows on renewed bullishness for the decentralized finance (DeFi) space following Trump’s victory. ETH rose more than 10% on Thursday as expectations of pro-crypto policies and deregulation in a Trump regime boosted investor confidence in the asset.
BTC trades above $76,000 in Asian morning hours Friday, up nearly 10% over the past week. In line with analyst expectations, the Federal Reserve cut rates by 25 basis points on Thursday in a move that typically supports risk assets like bitcoin by increasing liquidity and weakening the dollar.
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Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
What to know:
- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
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