The surge follows the launch of options trading on BlackRock’s spot Bitcoin ETF on November 19, a move enabled by the SEC’s recent approval of options for spot Bitcoin ETFs.
BlackRock Leads the Pack
BlackRock’s iShares Bitcoin Trust (IBIT) attracted the largest share of inflows, bringing in $608 million in a single day, according to Farside Investors. Other top-performing funds included:
- Fidelity Wise Origin Bitcoin Fund (FBTC): $301 million in inflows.
- Bitwise Bitcoin ETF (BITB): $68 million in inflows.
Despite this significant movement, the total inflows remain below the November 7 record of $1.12 billion, which coincided with Donald Trump’s election victory and his pro-crypto policy pledges.
Bitcoin ETFs Dominate Crypto Investments
Bitcoin ETFs are becoming a preferred method for institutional and retail investors to gain exposure to Bitcoin. Bloomberg ETF analyst Eric Balchunas noted that U.S. Bitcoin ETFs collectively hit $100 billion in assets on November 22.
This figure surpasses the estimated Bitcoin holdings of the cryptocurrency’s anonymous creator, Satoshi Nakamoto, and represents 82% of the total value of Gold ETFs.
Ethereum ETFs Struggle
While Bitcoin ETFs continue to flourish, Ethereum ETFs have experienced consistent outflows since November 14. On November 21 alone, Ethereum funds lost $7 million, indicating waning investor sentiment in Ethereum-focused products.
Market Context
Bitcoin’s current rally, fueled by optimism surrounding Trump’s pro-crypto agenda, has significantly boosted investor confidence. Promises of regulatory reform, protection for mining interests, and a potential U.S. strategic Bitcoin reserve have amplified sentiment.
As Bitcoin approaches the highly anticipated $100,000 milestone, the growing dominance of Bitcoin ETFs highlights the shift in how investors engage with the crypto market.
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