Record $1.4 Billion Inflow for Bitcoin ETFs as Market Impacted by ‘Trump Effect’

On November 8th, the cryptocurrency market witnessed a remarkable surge in Bitcoin Exchange-Traded Funds (ETFs), as reported by Bloomberg’s Senior ETF Analyst, Eric Balchunas. In a significant development, Bitcoin ETFs recorded a net inflow of $1.4 billion, largely attributed to what some are calling the ‘Trump Effect’. Notably, the ICE Bitcoin Trust (IBIT) played a pivotal role in this rally, attracting a substantial inflow of $1.1 billion in just one day.

This robust performance has contributed to a cumulative monthly inflow of $6.7 billion, bringing the year-to-date total to an impressive $25.5 billion. Interestingly, data indicates that approximately 18,000 bitcoins were purchased in this singular operational day, while only 450 bitcoins were mined during the same timeframe. As a result, U.S. Bitcoin spot ETFs now control over 93% of the 1.1 million bitcoins originally held by Bitcoin’s enigmatic creator, Satoshi Nakamoto.