BlackRock $1.1 billion ETF inflow and Block strategic shift fuel Bitcoin past 76k
Bitcoin tops $76,000, driven by institutional inflows
Bitcoin inched up 1% on Thursday, moving past $76,000 and setting yet another record high. This latest milestone follows Wednesday’s 10% surge, sparked by optimism around Trump’s election victory and his supportive stance on cryptocurrency.
Currently, Bitcoin trades around $75,900, holding above the 100-hour simple moving average and reflecting a steady upward trend. The surge wasn’t solely fueled by retail excitement; institutional inflows and corporate restructuring are playing a major role in the digital asset’s latest ascent. Leading this push is BlackRock, whose Bitcoin ETF recently pulled in an impressive $1.1 billion in a single day, accounting for over 82% of total inflows across all U.S.-listed Bitcoin ETFs. This is the largest one-day flow in any Bitcoin ETF to date, setting a clear tone for institutional confidence in Bitcoin’s future.
The scale of BlackRock’s inflows speaks volumes. With Bitcoin reaching unprecedented levels, the $1.1 billion investment signifies a solid institutional backing that adds weight to the cryptocurrency’s standing as a serious asset class. On November 7, other ETFs, including Fidelity’s Bitcoin Fund, saw smaller yet significant inflows, highlighting the appeal Bitcoin now holds in institutional portfolios.
Corporate realignment to support Bitcoin growth
Meanwhile, Block, led by Jack Dorsey, is doubling down on Bitcoin. The company recently announced plans to reallocate resources away from projects like Tidal and the Web5 initiative, focusing instead on its Bitcoin mining and self-custody ventures. According to Block’s latest shareholder letter, the decision is driven by increasing demand and a strong product-market fit for Bitcoin infrastructure. Block’s shift toward Bitcoin development demonstrates a corporate commitment to making Bitcoin more accessible, not just for large firms but for individuals and small businesses alike.
This wave of institutional interest alongside strategic corporate shifts, positions Bitcoin for continued growth. Many analysts expect further inflows in the days ahead and Bitcoin is poised to maintain its momentum in the market.
Bitcoin sets new record at $75,150 as pro-crypto sentiment rise in U.S. election. The surge in price emphasizes the heavy influence political outcomes have on cryptocurrency markets.
