Bitcoin surged past $87,000 in the weeks following November 7, 2024, after U.S. spot Bitcoin ETFs recorded a then-record $1.38 billion in single-day net inflows, marking a turning point in institutional demand for the largest cryptocurrency.
TLDR Keypoints
- U.S. spot Bitcoin ETFs pulled in a record $1.38 billion in net inflows on November 7, 2024, with BlackRock’s IBIT capturing $1.1 billion of that total.
- Cumulative net inflows across all spot Bitcoin ETFs crossed $25 billion for the first time on that same day.
- Bitcoin was trading near $76,943 on the record inflow day and broke through $87,000 in the following weeks, not during the same session.
November 7, 2024: Record Spot ETF Inflows Set Up Bitcoin’s Run Past $87K
The catalyst arrived on November 7, 2024, one day after Donald Trump’s U.S. presidential election victory. U.S. spot Bitcoin ETFs drew $1.38 billion in net inflows, shattering previous single-day records. None of the twelve tracked funds posted net outflows that session.
Bitcoin traded near $76,943 that day. The $87,000 level fell in the weeks that followed as the institutional momentum built, not in the same trading session as the record inflows. The distinction matters: this was a sustained institutional bid, not a single-day spike.
IBIT Pulls $1.1B as Cumulative Bitcoin ETF Inflows Clear $25B
BlackRock’s iShares Bitcoin Trust (IBIT) dominated the November 7 session, accounting for $1.1 billion of the $1.38 billion total. It was IBIT’s highest single-day inflow figure since its January 2024 launch, shortly after the SEC approved spot Bitcoin ETFs for the first time.
That same session pushed cumulative net inflows across all U.S. spot Bitcoin ETFs above $25 billion for the first time. The milestone underscored how quickly regulated vehicles had become the preferred channel for institutional Bitcoin exposure.
ETF Ownership Grew to 7% of Total Supply
As Bitcoin traded in the $87,000 to $90,000 range in the months that followed, spot ETFs collectively held roughly 7% of total Bitcoin supply, with total AUM between $115 billion and $165 billion. The concentration was striking: IBIT alone held more than 800,000 BTC by Q3 2025.
That level of institutional concentration echoes patterns seen in other asset classes. While Solana dominated Q1 activity and Ethereum posted record transaction counts, Bitcoin’s ETF-driven inflows remained the clearest signal of traditional finance entering crypto at scale.
April 2026: BTC Near $74,980 as Fear Replaces Breakout Euphoria
Bitcoin currently trades near $74,980 with a market cap of roughly $1.498 trillion and 24-hour volume around $41.12 billion. The price sits well below Bitcoin’s all-time high of $126,080, reached in October 2025.
The Fear & Greed Index reads 29, firmly in “Fear” territory. Sentiment has reversed sharply from the euphoria that accompanied the ETF-driven breakout past $87,000.
Institutional Flows Remain the Key Variable
With roughly 95.32% of Bitcoin’s 21 million supply cap already mined, the demand side of the equation hinges on whether institutional inflows can sustain the pace set in late 2024. ETF flow data over the next 24 to 72 hours will signal whether the institutional bid that powered the broader crypto adoption wave still has conviction at current levels.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
