CashNews.co
Key Takeaways
- BlackRock’s Bitcoin ETF (IBIT) recorded its biggest-ever daily inflow at $1.1Band analysts are bullish on its future performance.
- Bitcoin recently hit $76K and shows no signs of slowing downprompting most analysts to predict good times for crypto.
- Trump’s reelection as the 47th President of the United States might lead to one of the biggest bull runs in crypto history.
BlackRock’s iShares Bitcoin Trust (IBIT) ETF had its largest daily inflow at $1.1B. And $BTC is $76K now, with a 9.84% increase in the last day.
Galaxy head of research Alex Thorn says the market isn’t overheating.
And that’s a good thing. No one wants the bull run to end or be delayed for no reason. Everyone wants the rally to continue, especially now after Trump’s reelection.
Let’s discuss the Bitcoin ETFs and why the green markers might just be beginning.
Goldilocks Scenario for ETFs – Going at Mach 10
Yesterday, Bloomberg ETF analyst Eric Balchunas posted on X that IBIT had just surpassed $1.1B in trading volume.
Balchunas himself was surprised the pump was so significant. But the context was very bullishthe more you think about it, including for meme coins.
$IBIT surpassing $1.1B volume happened within the first 20 minutes of the market opening, immediately after Trump’s election victory was announced.
According to SoSoValue data, the IBIT ETF beat its previous high of $872M (in October 30) by ~26%, prompting analysts to go ultra bullish.
Pav Hundal, lead market analyst at Swyftx (crypto exchange), is particularly optimistic about the current trend.
We’re in a goldilocks scenario right now of monetary easing, political certainty, and robust US data. Capital is everywhere, and right now, it’s flooding into the ETFs at an extraordinary velocity.
– Pav Hundal
Hundal also clarified that the accumulation of $BTC ETFs is growing at an alarming rate – ‘faster than it can be created by a factor of two to one.’
IBIT’s inflows were almost 82% of all the 11 $BTC ETF inflows yesterday, which secured the ETF’s advantage by a landslide.
Will Today Be Equally Profitable for Crypto and ETFs?
Most traders seem bullish on $BTC ETFs:
Looking at Bitcoin’s performance chart explains their bullish stance. Bitcoin’s advance seems unstoppable at this point.
Everything points to another super successful day for Bitcoin ETFseven if not at the same level as yesterday.
The Bull Run Is a Near Certainty, and We’re All for It
Even Coinbase’s CEO (Brian Armstrong) believes 2024 onward will be a time of great ‘economic freedom’ for crypto. He’s referring to Trump’s presidential win.
It’s looking really good, that much we can say.
Chances are we’ll be seeing Bitcoin hitting new all-time highs in the coming weeksfollowed by the rest of the crypto market.
References
Add Techreport to Your Google News Feed
Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!
Subscribe now
The Tech Report editorial policy is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by real authors.