BlackRock’s IBIT Bought Over $1B Worth of BTC for the First Time Ever

On November 7, BlackRock’s spot Bitcoin ETF (IBIT) made history by purchasing over $1 billion worth of Bitcoin in a single day, marking its highest daily inflow since its January launch amid a surge in crypto markets.

IBIT Dominates ETF Market

On-chain data indicates that IBIT received $1.12 billion in inflows after two days of net outflows totaling $113.3 million. Currently, the asset manager holds around 432,674 BTC, valued at an estimated $34.3 billion, establishing it as the largest spot Bitcoin ETF in the US market. Its inflows further underscored the dominance, which accounted for nearly 82% of the $1.34 billion amassed across all 11 US-listed spot Bitcoin ETFs that day.

Trailing IBIT in inflows was Fidelity’s Wise Origin Bitcoin Fund, with $190.9 million, and ARK 21Shares Bitcoin ETF (ARKB), which reported $17.6 million in inflows. Collectively, these ETFs reached a net asset value (NAV) peak of $78.5 billion, representing about 5.2% of Bitcoin’s total market value. BTC’s price also surged past $76,000, bolstering the performance of the ETFs.

The record daily inflow followed BlackRock’s highest-ever daily trading volume of $4.1 billion the day before, shortly after Donald Trump’s victory in the US presidential election. CoinTab reported that IBIT saw $1 billion in trading within the first 20 minutes of the market opening, ultimately finishing the day up 10%, its second-best day since launch.

Community Expectations

BlackRock’s recent performance has stirred anticipation among traders, who expect more substantial inflows. One user on X predicted another strong trading day, while crypto analyst Zia ul Haque dubbed it “PumpVember.” Similarly, financial analyst Rajat Soni advised followers to “buckle up” for the market’s momentum.

Bloomberg ETF analyst Eric Balchunas remarked on the surprising scale of IBIT’s inflows, stating that although he expected a large figure, the actual inflows exceeded his expectations.

“Told y’all it was prob gonna be big, altho even I am surprised it’s that big, by far biggest one day flow of any btc etf ever,” he tweeted.