BlackRock’s iShares Bitcoin Trust (IBIT) set a new record for the largest daily inflow since listing in January, as demand for spot Bitcoin exchange-traded funds in the US increased trading activity amid growing interest from investors.

IBIT raised a total of $1.12 billion on Thursday, surpassing the record of $872 million set on October 30. data From SoSoValue shows.

The fund, which has emerged as a dominant force among its 10 other rivals, has a net asset value of $34.2 billion, supported by the rising value of Bitcoin.

“We are currently in a gold lock scenario with quantitative easing, political certainty and strong US data,” said Pav Hundal, chief market analyst at crypto exchange Swyftx. decrypt. “Capital is everywhere and is flowing into ETFs at an extraordinary rate right now.”

Investor interest in the world’s largest cryptocurrency is at an all-time high, which has helped the asset hit sustained records above $76,870 amid increased activity among them. altcoins And meme coins.

“ETFs are accumulating Bitcoin two to one times faster,” Hundal added. “Sooner or later this will turn into a broad-based crypto rally. Probably sooner.”

It comes when IBIT publishes a post Record transaction volume of $4 billion On Wednesday, it vastly outperformed its closest rival, Fidelity, after President-elect Donald Trump secured a second term as the 47th president of the United States.

Trump’s Whitehouse victory is seen by many in the industry as a boon for digital assets. He promised to protect the interests of crypto mining, establish a Bitcoin reserve and initiate positive policy.

IBIT’s rise as a top Bitcoin ETF comes at a time when sentiment around institutionalized crypto investments is shifting. While the fund has maintained steady inflows since its inception, rival Grayscale’s GBTC (the second largest fund by net assets of 16.8 billion) has faced negative outflows due to its high fees.

BlackRock charges a 0.25% fee, which is waived through January, while GBTC charges a significantly higher fee of 1.5%. Fidelity’s FBTC, meanwhile, also charges a 0.25% fee, but the exemption expired in July.

Edited by Sebastian Sinclair