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    Bitcoin surges 9% post-US election, catalyzing significant inflows into crypto funds and ETFs

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    Bitcoin surged over 9% post-US presidential election, supporting the performance of crypto-related investment funds such as spot-listed bitcoin ETFs in the US, witnessing an inflow of over $620 million. Crypto performance was also boosted by Grayscale’s Bitcoin Mini Trust and Bitwise Bitcoin ETF which registered large net inflows. Despite net outflows, BlackRock’s iShares Bitcoin Trust also saw a record-breaking volume of trades. As per Farside data, Bitcoin is trading at over $75,000, enjoying a 77% increase since the start of 2024.

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    Bitcoin soared by more than 9% on Wednesday, smashing previous records. This coincided with a huge boost for BlackRock’s IBIT exchange-traded fund, which saw its largest trading volume since it was launched. And that wasn’t the end of the good news for Bitcoin investment – spot-listed bitcoin ETFs in the U.S. also saw more than $620 million coming in.

    Bitcoin’s surge came in the wake of Donald Trump’s U.S. presidential election victory. He had previously expressed support for the crypto industry during his campaign. On Wednesday alone, the most popular early virtual currency had its fourth highest increase of the year, climbing over 9% to reach a record-breaking $76,481. At its highest, in February, Bitcoin even reached a colossal 9.7%.

    In more good news for crypto investors who were worried this growth chain might come to an end, earlier studies have suggested that Bitcoin could increase as much as 11% if Trump were to win the election. Wednesday also saw huge inflows into spot bitcoin exchange-traded funds (ETFs), which recorded a net increase of $621.9 million according to Farside data. This marked a significant change, breaking a three-day losing streak. The total net inflows now stand at $24.2 billion.

    One of the stand-out success stories was Grayscale’s Bitcoin Mini Trust, which had the second largest day since it began trading, raking in $108.8 million. The Bitwise Bitcoin ETF also saw large net inflows of $100.9 million.

    However, not every Bitcoin trust had the same success. BlackRock’s iShares Bitcoin Trust (IBIT) had net outflows for the second day in a row, losing a total of $113.3 million. However, the fund had a record-breaking volume of trades according to Eric Balchunas, a senior ETF analyst at Bloomberg.

    For wider context, back in March, the ETF trade volume reached a peak of $9.9 billion during the bull run. However, the total traded volume on November 6th was far higher, hitting approximately $76 billion. This was composed of futures volume of $62 billion, spot volume of $8 billion, and ETF trade volume of $6 billion, meaning ETF trade volume is only a small fraction of the total.

    Ether, another popular cryptocurrency, isn’t doing as well as Bitcoin. The net inflows into the Ether U.S. spot ETFs only brought in a total of $52.3 million, the highest amount since September 27th, based on Farside data.

    As of press time, Bitcoin is trading at just over $75,000, which is a 77% increase from the beginning of 2024. Ether, on the other hand, is trading at $2,822, marking a 20% increase from the start of the year.

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