Bitcoin exchange-traded funds (ETFs) have seen massive inflows, topping $1 billion in a single day. BlackRock’s Bitcoin ETF led the way with $608 million, followed by FidelityWise Origin Bitcoin Fund with $301 million. Other funds such as Bitwise and ARK 21Shares also contributed to the growing trend.
The rise comes as Bitcoin approaches $100,000, with analysts predicting it will reach that milestone later this month. Since Donald Trump’s reelection, the cryptocurrency’s rally has gained even more momentum. Some have compared the recent ETF inflows to the record numbers on November 7, 2020.
The Bitcoin ETF now manages more than $100 billion in assets, putting it on track to match Satoshi Nakamoto’s estimated holdings. With the SEC recently approving options trading on the Bitcoin ETF, BlackRock has already raised capital and launched options trading earlier this month.
