BlackRock’s IBIT Leads Other Bitcoin ETFs With $5.6B Inflow

Bitcoin ETFs saw a record $6.46 billion in inflows in November 2024, as Bitcoin (BTC) surged 45% this month, hitting $99,000 for the first time in history. The inflow marks a significant milestone for the crypto market, signaling strong institutional interest and bullish investor sentiment.

According to data from Farside Investors, BlackRock’s iShares Bitcoin Trust ETF led the charge, bringing in an impressive $5.6 billion, accounting for nearly 87% of the total inflows. This investment surge highlights the growing institutional confidence in its future price trajectory.

Fidelity’s Wise Origin Bitcoin Fund also attracted $962 million during the same period. Meanwhile, Grayscale’s Bitcoin Mini Trust ETF and the VanEck Bitcoin ETF secured $211.5 million and $71.2 million, respectively.

These figures underscore the growing interest from private and institutional investors, who increasingly turn to Bitcoin ETFs to gain exposure to the leading cryptocurrency.

Outflows from Bitcoin ETFs Do Not Dampen Bullish Sentiment

Despite the bullish sentiment, the Bitcoin ETF market also saw outflows in November. The Grayscale Bitcoin Trust ETF, Bitwise Bitcoin ETF, and Valkyrie Bitcoin Fund contributed to a combined outflow of $411 million.

Grayscale recorded a substantial outflow of $364 million, although the overall market sentiment remained positive. Nevertheless, analysts suggest that the continued inflows into Bitcoin ETFs could sustain the ongoing bull run.

Analysts note that BTC is entering its price discovery phase, which will provide insanely profitable opportunities in the coming months. The Crypto Fear & Greed Index, which tracks investor sentiment, reached a yearly high of 92 on November 22, indicating extreme bullishness.

While the index has dipped slightly since then, it still suggests that investor confidence in BTC remains robust. Since the start of this month, the BTC price has settled into a sideways trading pattern, hovering around $96,000.

However, analysts remain optimistic about BTC’s future performance, particularly as Bitcoin ETFs attract significant capital inflows. The growing role of Bitcoin ETFs in institutional portfolios is a key driver for the cryptocurrency’s price action in the coming months.

Bitcoin Hits 129% Gains Since Halving

Meanwhile, on-chain data shows that Bitcoin has recorded a 129% gain since the April 2024 halving and the recent US Presidential election. According to data from ICO Analytics, BTC’s November 2024 performance was one of its best-performing months ever.

Only three years in the past have noted higher percentage gains: 2013, with 459%; 2017, with 54%; and 2020, with 42%. These figures highlight the token’s potential to continue rising post-halving, a pattern consistently observed in previous cycles.

The Road to $100,000

BTC’s post-halving momentum aligns with its past behavior. Its price tends to climb roughly six months after the halving event. BTC has continued with this pattern, with analysts predicting it could trade at $100,000 before the year ends.

While the cryptocurrency surpassed $99,000 on 22 November, it has since retraced to the $96,000-$98,000 range. Raoul Pal, CEO of Global Macro Investor, has predicted that Bitcoin could top out at $110,000 before January 2025.

Nevertheless, Bitcoin’s dominance has declined. As of November 30, the dominance index fell to 56.1%, indicating that investors may divert their profits into altcoins. This shift could signal the onset of altcoin season.

Bitcoin Futures, Bitcoin ETFs and BTC Price

Besides the rising interest in Bitcoin ETFs, the rise of Bitcoin futures also contributes to the growing anticipation regarding the coin’s price rally. Over the weekend, Bitcoin futures on the Chicago Mercantile Exchange (CME) traded at $100.2K for the second time in seven days.

This has led some analysts to speculate that the spot price may soon follow suit, pushing BTC closer to the coveted $100,000 level. For instance, a prominent Bitcoin advocate, Samson Mow, argued that once Bitcoin hits $100,000, it could experience a rapid price rise, potentially reaching $1 million per coin.

During this period, Mow suggests that BTC could rise by as much as $10,000 per day as institutional investors, nations, and retail traders seek to increase their holdings.