Bitcoin Frenzy Sparks $1 Billion Volume for BlackRock’s ETF in 25 Minutes

Bitcoin’s Record Surge and Wall Street’s Interest

Bitcoin’s recent surge to consecutive new highs has captured the attention of Wall Street, with billions flowing into crypto ETFs since November and the U.S. elections.

Investors traded $1 billion of BlackRock’s IBIT fund in the first 25 minutes of U.S. market trading, continuing a trend that has attracted both retail and institutional capital. This follows substantial figures from previous days as Bitcoin saw its largest single-day and weekly gains in its history.

Inflows to U.S. spot BTC exchange-traded funds exceeded $1 billion for the second time this month, with the spot BTC ETF group reaching $90 billion in assets by mid-November.

Bitcoin, which took nine years to reach $20,000, added another $20,000 in just seven days, reaching an all-time high of $89,864. Despite nearing $90,000, some long-term holders have been booking profits.

Bitcoin’s Impact on the Crypto Market

Bitcoin’s rally has brought renewed enthusiasm to the crypto market following the U.S. elections. The victory of pro-BTC and crypto-friendly politicians has alleviated reputational risks associated with digital assets.

The total crypto market cap hit $3.04 trillion, surpassing previous peaks. BTC accounted for the majority of the $600 billion inflows into cryptocurrencies, with altcoins also seeing significant gains.

Altcoins like Ethereum, Solana, and Dogecoin experienced substantial jumps, with experts like Thomas Perfumo of Kraken suggesting that altcoin demand is still in its early stages. Younger investors entering the space, supportive legislation, and industry growth are expected to fuel further growth.

“We see a typical cycle playing out. Bitcoin leads the rally, followed by Ethereum and Solana before capital flows into altcoins. Peak FOMO indicators have not yet been triggered.”