CandleFocus BTC and ETH ETFs Witness Record Inflows and Outflows Amid U.S. Election Turbulence
2024-11-10
Author: Content Editor
The recent week of November 4 to 8, 2024, was marked by significant fluctuations in Bitcoin (BTC) and Ethereum (ETH) ETFs, according to SpotOnChain data. These movements were influenced by the changing U.S. political landscape, including President Donald Trump's electoral victory. Bitcoin ETFs experienced a net inflow of $1.63 billion, driven by strategic acquisitions from institutional investors, with BlackRock's iShares Bitcoin Trust (IBIT) alone adding 16,254 BTC valued at $1.25 billion. This increased BlackRock's BTC holdings to 449,967 BTC, surpassing its gold reserves. Ethereum ETFs also saw turbulent inflows and outflows, with a net inflow of $154.6 million. The volatility in ETF flows highlights the market's responsiveness to macroeconomic and political shifts, with the BTC price reaching nearly $80,000 during this period. The increased interest from institutional investors validates the role of cryptocurrencies as alternative assets. These record inflows and outflows indicate the sensitivity of crypto markets to global events, and further volatility is expected as institutional activity and regulatory developments unfold.
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