BlackRock’s IBIT Sets Single-Day Inflow Record!

BlackRock’s IBIT saw more than $1.1 billion in net inflows on Thursday.

Author

Danielle du Toit
November 08, 2024

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Here's what we've got for you today:

  • BlackRock’s Bitcoin ETF Posts Record $1.1 Billion in Single-Day Net Inflows

  • Former Alameda CEO Caroline Ellison Begins 2-Year Sentence

  • Robinhood Legal Boss is Being Considered for SEC Chair Shortlist: Report

  • Kalshi Ramps Up Political Betting Markets After US Election

BlackRock’s IBIT had over $1.1 billion in net inflows on Thursday, which was a new record amount for single-day inflows.

  • IBIT’s previous record for highest daily net inflows was set on Oct. 30, when it saw $872 million flowing into the fund.

  • The ETF also set a new record of $4 billion for single-day trade volume just the day before.

  • Some of the key drivers behind IBIT’s success include BlackRock's trusted reputation, Bitcoin's recent rally, favorable market conditions, and FOMO, according to crypto analyst Rachael Lucas.

Caroline Ellison has reported to prison to start a two-year sentence after her involvement in the FTX scandal.

  • Judge Lewis Kaplan sentenced Ellison to two years in prison in September, and gave her a surrender deadline of Nov. 7 at 2:00 pm ET.

  • Ellison is expected to serve her sentence at the minimum-security Federal Correctional Institution in Danbury, Connecticut, which is known for housing white-collar offenders.

  • Ellison’s sentencing happened after the criminal conviction of former FTX CEO Sam Bankman-Fried and the guilty plea of Ryan Salame, FTX Digital Markets’ former co-CEO.

Reports suggest that Robinhood’s legal chief, Dan Gallagher, is one of the top picks to head the SEC under Trump.

  • Dan Gallagher is Robinhood's chief legal officer and a former Republican SEC commissioner. He is now reportedly the frontrunner to replace SEC Chair Gary Gensler.

  • Other potential candidates include former GOP SEC commissioner Paul Atkins and Robert Stebbins, former SEC general counsel and current partner at Willkie Farr & Gallagher.

  • Trump vowed to fire Gensler on his first day in office to counter the heavy-handed crypto regulation under Gensler’s leadership.

Prediction market Kalshi rolled out new betting markets on political events after its success during the U.S. presidential election.

  • Political prediction markets saw a surge in activity ahead of the election, with total betting volumes reaching nearly $4 billion by election day.

  • Kalshi introduced political event contracts on Oct. 7 after a court ruling permitting legal political prediction markets in the United States for the first time.

  • Some of Kalshi’s new contracts cover potential outcomes related to Trump’s administration, including possible appointments and impeachment, according to U.S. Commodity Futures Trading Commission (CFTC) filings.

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