Key Takeaways
- BlackRock’s Bitcoin ETF (IBIT) recorded its biggest-ever daily inflow at $1.1B, and analysts are bullish on its future performance.
- Bitcoin recently hit $76K and shows no signs of slowing down, prompting 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 bullish, the 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 ETFs, even 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 weeks, followed by the rest of the crypto market.
References
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Alex is a junior crypto editor passionate about data privacy, cybersecurity, and crypto. You’ll often find him geeking out on the latest security key, password manager, or the hottest crypto presale, looking for that one digital currency to rule them all. With over six years of freelance writing under his belt, Alex fell in love with the process. Read more
From researching data and brainstorming topics to comparing cryptocurrency whitepapers and digging deep into crypto roadmaps, it’s all in the keyboard. Ideally, a mechanical one with brown switches.
Alex is an eternal learner who knows that continuous improvement is the best way to remain relevant. Currently, he’s brushing up his E-E-A-T and SEO skills, but who knows what comes next? In his spare time, he enjoys video games, horror movies, and going to the gym, which sometimes conflicts with his gourmand nature. Oh, well, you can’t have them all.
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