Bitcoin hits a new ATH of $76,460, boosted by Donald Trump’s victory and renewed optimism in the crypto market, in a record-breaking day for ETFs.
Wednesday marked one of the most impressive days of the year for Bitcoin (BTC), with a surge of over 9% and reaching a historic peak of $76,460, according to data. This spectacular rise comes in the wake of Donald Trump’s victory in the US presidential elections. The former president has regularly expressed his support for the crypto industry, a position that has fueled market optimism.
In 2024, Bitcoin had already experienced several days of strong growth: in February, a 9.7% increase propelled the cryptocurrency to new highs in March; in August, a 12% rebound followed the end of the yen carry-trade strategy. However, this week’s surge represents a significant milestone, surpassing most forecasts and standing out as one of the key moments of the year for the market.
A Massive Influx in Bitcoin Spot ETFs
The rise of BTC has been accompanied by a surge in flows into Bitcoin Spot ETFs. Data from Farside shows a net influx of $621.9 million into spot ETFs, ending three days of net outflows. These figures have propelled cumulative flows to a total of $24.2 billion.
Among the notable performances, the Grayscale Bitcoin Mini Trust attracted $108.8 million, marking its second-best day since launch. Bitwise’s ETF also saw a significant inflow of $100.9 million, ranking among its best days. Fidelity’s FBTC had the highest score of the day, with $308.8 million in net inflows.
The Impressive Volume of BlackRock’s ETF
BlackRock’s iShares Bitcoin Trust (IBIT) ETF has attracted attention due to its record trading volume. Despite two consecutive days of net outflows totaling $113.3 million, Wednesday saw a transaction volume of $4.1 billion, surpassing giants like Berkshire Hathaway, Netflix, or Visa, according to Bloomberg ETF analyst Eric Balchunas. This exceptional day, the second best in terms of performance for the ETF since its launch, could result in capital inflows in the following days.
Bitcoin ETF trading volumes reached $6 billion on Wednesday, the best performance since the category’s exuberant debut earlier this year. These impressive results show that even in its youth, this category continues to surprise and defy investors’ expectations.
An Overview of the Market
To put these figures into perspective, Bitcoin ETF trading volume peaked at $9.9 billion during the bullish market in March. On November 6, the total transaction volume reached approximately $76 billion, with $62 billion for futures contracts, $8 billion for spot exchanges, and $6 billion for ETFs. Although ETF volume remains a fraction of the overall market, its rapid growth is a testament to the persistent enthusiasm for innovative cryptocurrency-related financial products.
Ethereum ETFs Still Lagging Behind
Meanwhile, ETH continues to lag behind Bitcoin in 2024. Net flows into US-based Ethereum Spot ETFs totaled $52.3 million, the highest figure since late September.
At the time of writing, Bitcoin was trading just above $75,000, marking a 77% increase since the beginning of the year. ETH, on the other hand, had a price of $2,822, representing a more modest increase of 20%, despite its impressive performance in the past 24 hours.
