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

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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.


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