Bitcoin (BTC) Price Spikes to New ATH at Around $76.9K Following BlackRock’s IBIT Highest Cash Inflow since Inception

On Nov 8, 2024 at 8:56 am UTC by · 3 mins read

The demand vs supply shock for Bitcoin is expected to significantly increase ahead and bolster the ongoing bullish breakout.

Following the emphatic victory of pro-crypto candidates, led by President-elect Donald Trump, in the recently concluded United States election, Bitcoin BTC $92 491 24h volatility: 1.2% Market cap: $1.84 T Vol. 24h: $36.92 B price has continued to gradually gain bullish momentum. The flagship coin surged over 2 percent in the last 24 hours to reach a new all-time high (ATH) of about $76,872 before retracing to trade around $76,000 on Friday, November 8, 2024, during the early European session.

Amid the significant increase in crypto volatility, more than $250 million was liquidated from the leveraged market. The cryptocurrency volatility is expected to continue increasing over the weekend amid the notable rise in FOMO traders in the past few days.

Furthermore, the Federal Reserve initiated another rate cut on Thursday of 25 bps, which now stands at 4.75 percent. Additionally, the Bank of England (BoE) reduced its benchmark interest rate by 25 bps to 4.75 percent on Thursday, thus confirming the expected spike in global liquidity.

US Spot Bitcoin ETFs Reports Record Inflows

According to aggregate market data from SoSoValue, the US spot Bitcoin ETFs registered the highest cash inflows since inception of about $1.38 billion on Thursday. BlackRock’s IBIT unleashed its prowess as the largest global spot Bitcoin ETF issuer on Thursday, with a net cash inflow of about $1.12 billion.

As a result, BlackRock’s IBIT currently holds 432,674 Bitcoins, worth more than $34 billion. The second best-performing US spot BTC ETF issuer was Fidelity’s FBTC with a net cash inflow of about $190 million.  As of this report, Fidelity’s FBTC held Bitcoins worth more than $14.5 billion.

Most importantly, none of the US spot Bitcoin ETF issuers registered a net cash outflow on Thursday, signaling a significant spike in institutional demand. In total, the US spot Bitcoin ETFs hold assets worth nearly $79 billion, with the figure expected to continue rising in the near term.

Moreover, the US government is expected to accumulate 1 million Bitcoins in the next five years to counter its ballooning debt crisis. Additionally, other nation-states led by El Salvador are gradually accumulating more Bitcoins for the same reasons.

What’s Next?

Bitcoin price has consistently closed above the March 2024 peak of about $73.7k in the last few days, thus signaling the bulls are in control. If BTC price manages to close above $74k in the weekly time frame, the next major target will be a six-figure, potentially before the end of this year or early 2025.

Meanwhile, the altcoin market is gradually gaining bullish momentum as shown by the notable rebound of Solana SOL $146.9 24h volatility: 3.3% Market cap: $76.06 B Vol. 24h: $4.89 B , Dogecoin DOGE $0.17 24h volatility: 4.5% Market cap: $25.87 B Vol. 24h: $1.76 B , and Ethereum ETH $1 746 24h volatility: 2.8% Market cap: $210.87 B Vol. 24h: $18.21 B , among others. Already, Bitcoin dominance has reached a major psychological resistance level of around 60 percent, and a retrace could lead to the onset of the much-anticipated altseason.

Share:

Related Articles

Metaplanet Breaks 5,000 Bitcoin Milestone as BTC Price Faces Consolidation

By April 24th, 2025

Japanese Bitcoin treasury company Metaplanet has crossed the 5,000 Bitcoin threshold as part of its long-term plan despite ongoing market uncertainty.

BlackRock’s BTC ETF Inflows Surpassed $40B with $643M Buying Spree

By April 24th, 2025

The total net inflows into BlackRock’s IBIT fund surpassed the $40 billion mark as the crypto market sees increased optimism.

Bitcoin Breaks $93K – Keep an Eye on This Microcap Bull Token

By April 23rd, 2025

Bitcoin ($BTC) just broke through $93,000 on Wednesday – its highest level since March – sending shockwaves of bullish momentum across the entire crypto market.

Exit mobile version