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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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