BTC’s $110K Prediction, BlackRock’s $1.1B Investment, and More: Recap of Hodler’s Digest, Nov. 3 – 9

Bitcoin investors injected over $1 billion into BlackRock’s Bitcoin exchange-traded fund (ETF) in a single day as Bitcoin’s value continued to soar. On November 7, BlackRock’s iShares Bitcoin Trust ETF (IBIT) recorded a staggering $1.1 billion in inflows, following two consecutive days of outflows totaling $113.3 million. This influx coincided with Bitcoin reaching a new all-time high of $76,943.

IBIT’s inflows represented the majority of the total inflows of $1.34 billion generated by 11 US-listed spot Bitcoin ETFs on that day. Fidelity’s Wise Origin Bitcoin Fund saw the second-highest inflows at $190.9 million, followed by ARK 21Shares Bitcoin ETF (ARKB) with $17.6 million.

In a separate development, the State of Michigan Retirement System disclosed its investment in Ether exchange-traded funds (ETFs) through a filing with the United States Securities and Exchange Commission (SEC). The pension fund held 460,000 shares each of the Grayscale Ethereum Trust and the asset manager’s Ethereum Mini Trust. This added to the fund’s existing exposure to the ARK 21Shares Bitcoin ETF.

On the regulatory front, Pakistan’s central bank, the State Bank of Pakistan (SBP), proposed legalizing digital assets, including cryptocurrencies, as legal tender in the country. If approved, these policy changes could allow state banks to issue digital currencies and impose penalties on unauthorized digital currency issuers.

In the US, the cryptocurrency community welcomed the reelection of former President Donald Trump in the 2024 presidential election. Trump’s victory speech on November 6 promised a bright future for America and expressed strong support for cryptocurrencies. Wyoming Senator Cynthia Lummis also reiterated plans for establishing a strategic Bitcoin reserve when the Republicans potentially gain majority control of the Senate in 2025.

By the end of the week, Bitcoin was trading at $75,944, Ether at $2,933, and XRP at $0.55. The total market capitalization stood at $2.51 trillion. Neiro, Cronos, and Goatseus Maximus were the top three altcoin gainers of the week, while Kaia, MANTRA, and Kaspa experienced losses.

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