BlackRock said the daily volume of funds raised by iShares Bitcoin Trust (IBIT) on November 7 was 30% higher than the previous record inflow of $872 million recorded on October 30. The unprecedented influx of funds into IBIT comes a day after the bitcoin spot exchange-traded fund set its single-day trading volume record to more than $4 billion.
On November 8, the net asset value of the IBIT fund was more than $34 billion, driven by the increased value of Bitcoin amid increased investor interest.
According to Rachael Lucas of BTC Markets, the surge in interest not only reflects investor confidence based on the reputation of large asset manager BlackRock, but also due to Bitcoin’s recent upward rally and favorable market conditions.
The conclusions of the BTC Markets expert are shared by Swyftx crypto exchange market analyst Pav Hundal, who said that increased expectations of monetary easing, emerging political certainty and reliable data on the US economy “have led to an extraordinary rate of capital inflows into cryptocurrency ETFs.”
Earlier, the investment company BlackRock reported that the US Securities and Exchange Commission (SEC) has expedited approval for options trading on Bitcoin-based spot exchange-traded funds.
Source: Bits
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