As a seasoned crypto investor with a decade of experience under my belt, I must say that October has been quite the rollercoaster ride for Bitcoin enthusiasts like myself. The surge in inflows into U.S. spot Bitcoin ETFs over the past few weeks is truly a testament to the growing mainstream acceptance of digital assets.
In October, there was a significant surge in U.S. spot Bitcoin ETFs, with more than $3 billion pouring in as the appetite for these investments hit a six-month high.
Over the last seven days, approximately a billion dollars has flowed into Bitcoin (BTC) exchange-traded funds. During this time, four consecutive days saw positive investments. The bulk of these investments came from BlackRock’s IBIT, the largest ETF in terms of net assets, which is close to amassing $24 billion since its debut.
Although there were substantial investments in the previous week, the preceding week was exceptionally bullish for U.S. spot Bitcoin ETFs. The funds began with approximately $555.86 million on October 14 and saw five consecutive days of investment influxes totaling over $2.13 billion. This is the first time since March 2024 that weekly investments into Bitcoin ETFs have surpassed the $2 billion mark.
Over the last fortnight, there has been a significant surge of funds into these investment products. As a result, the total inflows for the 12 Bitcoin ETFs now exceed $3.07 billion for the month of October.
As a researcher, I’ve noticed an intriguing trend in the funds we’re monitoring. Starting from October 21st, there was a significant weekly inflow of approximately $294.29 million into these funds, marking the beginning of a seven-day streak. However, on the 22nd, there was a minor outflow of around $79.09 million. Fortunately, this was just a temporary hiccup, as positive inflows resumed and continued for the next three days, culminating on October 25th.
On the last day of trading this week, SoSoValue data shows that the total inflow hit an all-time high of $402 million.
On Friday, October 25, there were no instances of funds showing outflows; BlackRock’s IBIT fund remained in front of the pack yet again. Take a look below for more details.
- BlackRock’s IBIT, $291.96 million, 10-day inflow streak.
- Fidelity’s FBTC, $56.95 million.
- ARK 21Shares’s ARKB, $33.37 million.
- VanEck’s HODL, $11.34 million.
- Grayscale Bitcoin Mini Trust, $5.92 million.
- Bitwise’s BITB, $2.55 million.
- Valkyrie’s BRRR, Invesco’s BTCO, Franklin Templeton’s EZBC, WisdomTree’s BTCW, Grayscale’s GBTC, and Hashdex’s DEFI saw zero flows.
Bitcoin ETF demand has hit six-month high
30 days ago, Ki Young Ju, the founder and CEO of CryptoQuant, pointed out on Reddit that the 30-day momentum gauge for Bitcoin Spot ETF demand has peaked at a level not seen since the Bitcoin halving in April, which occurred six months earlier.
Further, net flows into these products also reached 65,962 BTC in the last 30 days, Ju added.
Mostly, it’s the retail investors who are fueling the demand, given that earlier reports indicate that large investors represented around 20% of all Bitcoin ETFs traded in the U.S. market.
As a crypto investor, I’ve noticed that approximately one-fifth of the ownership in U.S. Bitcoin Spot ETFs is held by institutions. These entities, such as asset managers, collectively control about 193,000 Bitcoins, according to Form 13F filings.
— Ki Young Ju (@ki_young_ju) October 22, 2024
Despite the current situation, it’s possible that the rising demand will cause the combined Bitcoin holdings across these 12 offerings to exceed 1 million Bitcoins, as suggested by Bloomberg analyst Eric Balchunas.
In a recent post on October 24th, the analyst pointed out that these assets are nearly 87% close to surpassing the quantity of Bitcoin owned by the enigmatic figure, Satoshi Nakamoto, who is said to possess approximately 1.1 million Bitcoins. Take a look below for more details.
Currently, Bitcoin has decreased by 1.3%. Right now, it’s being traded for approximately $67,007. Its total market capitalization is currently valued at around $1.32 trillion.
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2024-10-26 18:32