BlackRock’s IBIT Bitcoin ETF Posts Record $1.1 Billion Inflow As Bitcoin Hits New ATH Following Fed Rate Cut

BlackRock’s IBIT spot Bitcoin ETF (exchange-traded fund) saw a record $1.1 billion in inflows after the US Federal Open Market Committee (FOMC) announced a 25 basis points rate cut, sending BTC to a new all-time high (ATH).

IBIT saw $1.119  billion enter its reserves on Nov. 7 following two consecutive days of outflows totaling $113.3 million, according to data from Farside Investors. Bitcoin reacted by surging to a new ATH of $76,943, according to CoinMarketCap.

Former BlackRock Director Predicts SEC Will Approve Bitcoin ETF Within '3 to 6 Months' | by Christopher Pfeiffer | Supreme Crypto News | Medium

BlackRock’s IBIT Leaves Spot Bitcoin ETF Rivals Trailing In The Dust

BlackRock’s IBIT fund outperformed its spot Bitcoin ETF rivals by a large margin in terms of inflows yesterday. The second biggest inflows were posted by Fidelity’s FBTC, with $190.9 million being added to its capital reserves. 

Other Bitcoin ETF funds, including ARKB, BITB, HODL, GBTC and BTC ,also recorded inflows. Bitwise’s BITB and Ark’s ARKB recorded positive flows of $13.4 million and $17.6 million, respectively. 

Similarly, investors sent $4.3 million, $7.3 million and $20.4 million to HODL, and Grayscale’s GBTC and BTC funds. The remaining Bitcoin ETF funds recorded no new flows on the day.

FOMC Keeps Rate Cut Streak Going

IBIT’s massive inflows come amid an interest rate cut from the Federal Reserve’s FOMC. Following the 50 basis points reduction it announced for September, the FOMC lowered its benchmark overnight borrowing rate to a target range of 4.50%-4.75%.

The latest interest rate cut had a positive impact on the crypto market, which saw its capitalization climb over 2% in the last 24 hours. 

Market leaders Bitcoin (BTC) and Ethereum (ETH) kept their bullish momentum going following a spike after Donald Trump won the US election, posting gains of more than 1% and 3%.

BTC is subsequently up over 9% on the weekly time frame, while ETH rose 16% in the same period.

Related Articles:

  • Crypto Billionaires Michael Saylor And Brian Armstrong, Along With DOGE Fan Elon Musk, See Huge Gains After Trump Victory – More Profits Could Follow
  • Next Cryptocurrency to Explode, November 7 — Raydium, Starknet, EigenLayer
  • Bitcoin, Meme Coins, Coinbase Soar On Donald Trump Win Even As Trump-Themed Tokens Implode

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