- BlackRock’s $1.1B Bitcoin ETF inflow shows major investors are driving the market, boosting Bitcoin’s price and liquidity.
- As major firms like Fidelity and ARK Invest draw millions of users, indicating robust institutional demand, Bitcoin ETFs gain traction.
- With investors expecting legislative changes, Trump’s pro-crypto position and BlackRock’s inflows drive Bitcoin to all-time highs.
BlackRock’s spot Bitcoin ETF saw one of its largest one-day volumes, with an inflow of $1.1 billion. This inflow is shifting the market landscape, which indicates institutional investors’ increased interest.
With big players entering, Bitcoin’s liquidity and volatility are poised for significant shifts, drawing attention from global stakeholders. Besides, November 6 marked the second-best day for IBIT, with trading volumes rising by 10%. Despite high inflows, IBIT also saw $69 million in outflows, indicating profit-taking amidst strong demand.
Major Bitcoin ETFs Gain Traction
The interest in Bitcoin ETFs extended beyond BlackRock. Fidelity’s Bitcoin ETF (FBTC) led with $308.7 million in inflows, followed by ARK Invest’s ARKB at $127 million. Additionally, Grayscale and Bitwise funds each saw inflows surpassing $100 million.
Consequently, total net inflows across U.S. spot Bitcoin ETFs reached $622 million, breaking a three-day outflow streak. This activity doubled daily average trading volumes, with U.S. Bitcoin ETFs hitting $6 billion on November 6. According to ETF expert Nate Geraci, inflows could exceed $1 billion by week’s end, suggesting sustained institutional interest.
Bitcoin’s Price Surges Amid Political Support
Bitcoin’s price surged past $75,000 following Trump’s victory over Kamala Harris in the recent election. Trump’s pro-crypto stance is expected to foster favorable policies, including potentially replacing the SEC Chair and establishing a crypto advisory council. His administration could also prioritize U.S. Bitcoin mining, attracting investors anticipating regulatory support.
However, international markets responded differently. BlackRock’s iShares ETFs in Asia and South America saw declines, likely due to concerns over Trump’s trade policies and their potential global economic impact.
Technical Analysis of Bitcoin’s Movement
Bitcoin currently trades near $75,977, maintaining a bullish trend above the 200-period EMA at $68,071. Several Fibonacci retracement levels offer insight into potential support and resistance. The 0.382 level at $72,274 acts as immediate support, while the 0.618 level at $69,444 provides additional backing.
Source: BingX
The 0.786 level at $67,430 further reinforces support in case of a downturn. The Awesome Oscillator (AO) suggests a slowing momentum, indicating possible consolidation. However, if current support holds, Bitcoin may continue its upward trajectory, aiming for sustained gains.
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