BlackRock’s IBIT daily revenue hit a record of $1.1 billion
IBIT's new record comes as Bitcoin hit a new high above $76,000 on November 7. Darry McGovern, COO of Bitcoin native Xapo Bank, told CoinJournal that Bitcoin's new record reflects a “broad shift in institutional confidence” observed by BlackRock's record network. Inflows The 12-position bitcoin ETF recorded daily total net inflows of $1.38 billion, a new record since listing in January.
BlackRock's iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) set a new record in revenue trading at $1.12 billion, surpassing its previous record of $872 million.
The new record was set on SoSoValue and comes on November 7 when Bitcoin reached $76,677 on major exchanges. Earlier in the week, Bitcoin broke a new all-time high of $75,317 after election results showed Donald Trump as the winner. The White House.
BlackRock IBIT's net assets now stand at $34.29 billion, putting it ahead of its competitors. In October, BlackRock set a new record when its total assets reached $30 billion in 293 days.
Darry McGovern, COO of Bitcoin-native bank Xapo, told CoinJournal that Bitcoin's new record “signals a broader shift in institutional trust, with popular market moves like BlackRock's record net move into the iShares Bitcoin Trust (IBIT).”
“Increasing institutional demand highlights Bitcoin's growing status as a trusted asset class. As more investors seek exposure to digital assets, bitcoin's role as a store of value and a hedge against inflation will become clearer.
The 12 US spot Bitcoin ETF recorded daily total net inflows of $1.38 billion, a new record since listing in January.
Next to Satoshi's bag
“Even I'm surprised it's that big, the biggest one-day flow of any BTC ETF ever,” Bloomberg ETF analyst Eric Balchunas wrote in a post on BlackRock's new record on X.
They told me the problem is going to be huge, even I'm surprised it's the biggest one day flow of any btc etf.
— Eric Balchunas (@EricBalchunas) November 8, 2024
Balchunas later added that Bitcoin ETFs have taken a combined $6.7 billion in the past month and 25.5 billion year to date, and Satoshi Nakamoto is 93% of the way to pass 1.1 million Bitcoin.
Hoover City: The Bitcoin ETF posted a record $1.4 billion yesterday (trumpet result). $IBIT alone was +$1.1b. That's +$6.7b last month and $25.5b YTD. All told they consumed 18k btc in one day (compared to mine's 450) and are now 93% of the way to pass Satoshi's 1.1mil btc. pic.twitter.com/dNLoENlDB3
— Eric Balchunas (@EricBalchunas) November 8, 2024
“This confidence suggests that Bitcoin is now a legitimate hedge and growth asset, especially attractive amid traditional market uncertainty and as regulatory transparency improves,” James Toledano, COO at Unity, a self-sustaining crypto wallet, told CoinJournal. Just look at pension funds in the UK and US investing in Bitcoin. Moods have changed a lot in this short time.
Greyscale GBTC, the second largest at $16.80 billion, saw a net worth of $7.31 million. Fidelity's FBTC earned $190.92 million and Arc and 21shares earned $17.61 million.
