October marked a strong month for U.S. spot Bitcoin ETFs, with over $3 billion in net inflows as demand reached its highest level in six months.
Over the past week, inflows into the 12 spot Bitcoin (BTC) exchange-traded funds pproached $1 billion, with four days of positive flows recorded during this period. The majority of these inflows originated from BlackRock’s IBIT, the largest ETF by net assets, which is nearing $24 billion in total inflows since its launch.
Despite strong inflows in the past week, the prior week proved even more bullish for U.S. spot Bitcoin ETFs. Starting with $555.86 million on Oct. 14, the funds experienced a five-day streak of inflows totaling over $2.13 billion. This marked the first time weekly inflows into Bitcoin ETFs have exceeded $2 billion since March 2024.
Following the strong inflows into the investment products over the past two weeks, the 12 Bitcoin ETFs have now surpassed over $3.07 billion in inflows in October.
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Weekly inflows started strong on Oct. 21, with $294.29 million entering the funds, kicking off a seven-day inflow streak. Following a brief outflow of $79.09 million on Oct. 22, inflows resumed, with three consecutive positive days ending on Oct. 25.
The week’s final trading day reached a peak of $402 million in inflows, according to SoSoValue data.
None of the funds recorded outflows on Friday, Oct. 25, with BlackRock’s IBIT leading the lot once again. See below.
- 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
On Oct. 25, Ki Young Ju, founder and CEO of CryptoQuant, noted in an X post that the 30-day momentum indicator for spot Bitcoin ETF demand has reached a six-month high, levels last seen around the Bitcoin halving in April.
Further, net flows into these products also reached 65,962 BTC in the last 30 days, Ju added.
The demand is mostly being driven by retail investors as an earlier post from Ju suggests large investors accounted for approximately 20% of all U.S.-traded spot Bitcoin ETFs.
Institutional ownership of U.S. #Bitcoin Spot ETFs is around 20%, with asset managers holding 193K BTC (per Form 13F filings). pic.twitter.com/9YTOEH3G5w
— Ki Young Ju (@ki_young_ju) October 22, 2024
Nevertheless, the uptick in demand could soon see the total Bitcoin held in the 12 offerings surpass 1 million Bitcoin, according to Bloomberg analyst Eric Balchunas.
In an Oct. 24 X post, the analyst highlighted that these holdings are already 87% of the way to exceeding the amount held by Bitcoin’s anonymous creator, Satoshi Nakamoto, whose wallet holds 1.1 million Bitcoin. See below.
Not yet 10mo old and the ETFs are 97% of the way to holding 1 million btc, and 87% of the way to passing Satoshi as biggest. I’ll be presenting on this and much more at the Plan B conf in Lugano tmrw (10am, main stage). If you’re going, come say hi https://t.co/5NmhFANOpu
— Eric Balchunas (@EricBalchunas) October 24, 2024
At press time, Bitcoin was down 1.3%, exchanging hands at $67,007, while its market cap stood at $1.32 billion.
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