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Bitcoin ETFs See Record $1.38B Inflow Following Fed’s Rate Slash

Bitcoin ETFs See Record $1.38B Inflow Following Fed’s Rate Slash

CCNCCN2024/11/07 16:00
By:CCN
Key Takeaways
  • Bitcoin ETFs witnessed a record $1.38 billion in net inflows on Nov. 7.
  • Ethereum ETF inflows slowed.
  • Total assets under management in Bitcoin ETFs reached $34.29 billion, with Ethereum ETFs at $1.39 billion.

U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) recorded remarkable inflows on Nov. 7, as investors reacted to the U.S. Federal Reserve’s decision to cut interest rates by 25 basis points.

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Bitcoin ETFs

As per SoSoValue, Bitcoin ETFs commanded a record-breaking $1.38 billion in total net inflows on Nov. 7, the U.S. Federal Reserve cut interest rates by 25 basis points.

The BTC ETF market saw a major surge in one-day inflows on Nov. 7, led by BlackRock’s iShares Bitcoin Trust (IBIT), which bagged an astonishing $1.12 billion in net inflows.

Bitcoin ETFs See Record $1.38B Inflow Following Fed’s Rate Slash image 0 Bitcoin ETF inflows hit a new record high. Source: SoSoValue

IBIT’s cumulative inflow now stands at $27.18 billion, with total assets under management reaching $34.29 billion.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) also saw a notable one-day inflow of $190.9 million, further pushing its cumulative net inflow to $10.73 billion.

With $14.58 billion in total net assets, FBTC remains a substantial player in the Bitcoin ETF space.

Other notable inflows include Grayscale’s BTC ETF (GBTC), with a $20.4 million one-day inflow, and the ARK 21Shares Bitcoin ETF (ARKB), adding $17.6 million in one-day inflows.

Ethereum ETFs

Among Ethereum ETFs, Fidelity’s Ethereum Fund (FETH) led in one-day inflows with a strong $28.9 million on Nov. 7. This amount boosted FETH’s cumulative net inflows to $538.9 million, with net assets standing at $526.6 million.

Hot on its heels was BlackRock’s iShares Ethereum Trust (ETHA), which saw a notable inflow of $23.7 million. This pushed ETHA’s total net inflows to $1.38 billion, with net assets climbing to $1.39 billion. ETHA also experienced a solid daily performance, rising by 7.9%.

Bitcoin ETFs See Record $1.38B Inflow Following Fed’s Rate Slash image 1 Ethereum ETFs inflows. Source: SoSoValue

VanEck’s Ethereum ETF (ETHV) also garnered attention, securing a $12.7 million one-day inflow, which raised its total cumulative inflows to $89.4 million and net assets to $95.3 million.

However, despite the strong inflows, total trading volume on Nov. 7 was $79.7 million, reflecting a dip from the previous day as traders waited for the Federal Reserve’s decision before making any major moves.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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