BlackRock's IBIT has been the sole driver of the Bitcoin ETF market in the US with inflows reaching nearly $29 billion in just 10 months since launch. Its rapid growth makes IBIT almost 3x larger than its closest competitor FBTC from Fidelity, based on data from Farside Investors.
On Wednesday, November 12, BlackRock's IBIT recorded inflows of more than $750 million for the second day in a row. On the same day, total inflows reached $817 million as Bitcoin ETFs in the US bought 9,040 BTC. In just the last 5 trading sessions, the nine ETFs combined have seen a staggering inflow of $4.2 billion with IBIT accounting for the bulk of it.
IBIT also recorded a daily trading volume of more than $3.68 billion. Bloomberg ETF strategist Eric Balchunas reports that the 'Bitcoin Industrial Complex' once again saw a strong trading day, with over $30 billion worth of shares traded. Along with ETFs, this industry complex also includes Bitcoin and crypto stocks such as MSTR, COIN, and others.
This marked the second highest day on record after the previous day's peak. Although trading volume remains very high, there are signs of slowing momentum.
The latest inflows into IBIT following Trump's victory last week suggest that institutional players are rushing to buy some BTC in hopes of a massive rally soon. As a result, the combined factors of net inflows and rising BTC prices caused total Bitcoin ETF AUM in the US to jump above $90 billion in assets. With this achievement, the Bitcoin ETF is now 72% towards surpassing the gold ETF asset level.
BlackRock's Bitcoin ETF (IBIT) has now surpassed its Gold ETF (IAU) in terms of total assets, achieving this feat in just 10 months. In comparison, the IAU launched in January 2005 took much longer to reach the same level of assets.
Inflows into the BTC ETF will play a key role in bringing the BTC price past the critical $90,000 benchmark and further to the desired $100K target. Antoni Trenchev, co-founder of crypto-wealth platform Nexo, recently stated that he expects the price of BTC to reach $100K "in the near future" as part of Trump's rise. He also added that now is not the time to sell.
