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    Home»Bitcoin»BlackRock's IBIT Bitcoin ETF Posts Report $1.1 Billion Influx As Bitcoin Hits New ATH Following Fed Fee Lower
    BlackRock's IBIT Bitcoin ETF Posts Report .1 Billion Influx As Bitcoin Hits New ATH Following Fed Fee Lower
    Bitcoin

    BlackRock's IBIT Bitcoin ETF Posts Report $1.1 Billion Influx As Bitcoin Hits New ATH Following Fed Fee Lower

    By Steven WalgenbachNovember 8, 2024No Comments3 Mins Read
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    BlackRock’s IBIT spot Bitcoin ETF (exchange-traded fund) noticed a file $1.1 billion in inflows after the US Federal Open Market Committee (FOMC) introduced a 25 foundation factors fee reduce, sending BTC to a brand new all-time excessive (ATH).

    IBIT noticed $1.119  billion enter its reserves on Nov. 7 following two consecutive days of outflows totaling $113.3 million, in line with knowledge from Farside Traders. Bitcoin reacted by surging to a brand new ATH of $76,943, in line with CoinMarketCap.

    Former BlackRock Director Predicts SEC Will Approve Bitcoin ETF Within '3 to 6 Months' | by Christopher Pfeiffer | Supreme Crypto News | Medium

    BlackRock’s IBIT Leaves Spot Bitcoin ETF Rivals Trailing In The Mud

    BlackRock’s IBIT fund outperformed its spot Bitcoin ETF rivals by a big margin when it comes to inflows yesterday. The second largest inflows have been posted by Constancy’s FBTC, with $190.9 million being added to its capital reserves. 

    Different Bitcoin ETF funds, together with ARKB, BITB, HODL, GBTC and BTC ,additionally recorded inflows. Bitwise’s BITB and Ark’s ARKB recorded constructive flows of $13.4 million and $17.6 million, respectively. 

    Equally, traders despatched $4.3 million, $7.3 million and $20.4 million to HODL, and Grayscale’s GBTC and BTC funds. The remaining Bitcoin ETF funds recorded no new flows on the day.

    Informed y’all it was prob gonna be huge, altho even I’m shocked it’s that huge, by far largest at some point movement of any btc etf ever. https://t.co/Q5MPDMrTYv

    — Eric Balchunas (@EricBalchunas) November 8, 2024

    FOMC Retains Fee Lower Streak Going

    IBIT’s huge inflows come amid an rate of interest reduce from the Federal Reserve’s FOMC. Following the 50 foundation factors discount it introduced for September, the FOMC lowered its benchmark in a single day borrowing fee to a goal vary of 4.50%-4.75%.

    The newest rate of interest reduce had a constructive influence on the crypto market, which noticed its capitalization climb over 2% within the final 24 hours. 

    Market leaders Bitcoin (BTC) and Ethereum (ETH) stored their bullish momentum going following a spike after Donald Trump received the US election, posting good points of greater than 1% and three%.

    BTC is subsequently up over 9% on the weekly timeframe, whereas ETH rose 16% in the identical interval.

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