Under the push of President Donald Trump's promise to support the digital asset industry and introduce supportive regulations, the USA Bitcoin exchange-traded fund (ETF) set a new record with a single-day net inflow of 1.38 billion USD.
According to Bloomberg's data, BlackRock Inc.'s iShares Bitcoin Trust contributed about 81% of the funds inflow in Thursday's trading, reaching a historical high in trading volume the previous day. The net subscription amount for this fund (IBIT) reached 1.1 billion USD, setting an unprecedented record.
The surge in investor demand further boosted the price of bitcoin. On Friday, November 8th, the price of bitcoin rose by 1.7% to reach 77,272 USD per coin, setting new highs for multiple consecutive days.
(Source: FX168)
The soaring demand for the world's largest bitcoin fund reflects the market's expectation for Trump to establish the USA as a center for the digital asset industry, a vision that may have a profound impact on the crypto market.
Caroline Bowler, CEO of the cryptocurrency exchange BTC Markets Pty, pointed out that the increase in ETF inflows could create a "feedback loop," driving up the price of bitcoin and attracting more investments.
Next, whether Trump can fulfill his campaign promises will be crucial, such as establishing a strategic reserve of bitcoin and appointing regulatory officials who support digital assets. SomeTechnical analysisIndicators show that the recent two-month rally driven by expectations of re-election may slow down.
By 2024, bitcoin has risen by about 80%, with some of the increase attributed to the impact of the Fed's interest rate cuts, far outperforming the returns of traditional investments such as global equities and gold.
