October marked a robust month for U.S. spot Bitcoin ETFs, with over $3 billion in web inflows as demand reached its highest stage in six months.
Over the previous week, inflows into the 12 spot Bitcoin (BTC) exchange-traded funds pproached $1 billion, with 4 days of optimistic flows recorded throughout this era. The vast majority of these inflows originated from BlackRock’s IBIT, the biggest ETF by web property, which is nearing $24 billion in whole inflows since its launch.
Regardless of robust inflows previously week, the prior week proved much more bullish for U.S. spot Bitcoin ETFs. Beginning with $555.86 million on Oct. 14, the funds skilled a five-day streak of inflows totaling over $2.13 billion. This marked the primary time weekly inflows into Bitcoin ETFs have exceeded $2 billion since March 2024.
Following the robust inflows into the funding merchandise over the previous two weeks, the 12 Bitcoin ETFs have now surpassed over $3.07 billion in inflows in October.
Weekly inflows began robust on Oct. 21, with $294.29 million getting into the funds, kicking off a seven-day influx streak. Following a temporary outflow of $79.09 million on Oct. 22, inflows resumed, with three consecutive optimistic days ending on Oct. 25.
The week’s closing buying and selling day reached a peak of $402 million in inflows, in line with SoSoValue information.
Not one of the funds recorded outflows on Friday, Oct. 25, with BlackRock’s IBIT main the lot as soon as once more. See beneath.
- BlackRock’s IBIT, $291.96 million, 10-day influx streak.
- Constancy’s FBTC, $56.95 million.
- ARK 21Shares’s ARKB, $33.37 million.
- VanEck’s HODL, $11.34 million.
- Grayscale Bitcoin Mini Belief, $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 noticed zero flows.
Bitcoin ETF demand has hit six-month excessive
On Oct. 25, Ki Younger Ju, founder and CEO of CryptoQuant, famous in an X put up that the 30-day momentum indicator for spot Bitcoin ETF demand has reached a six-month excessive, ranges final seen across the Bitcoin halving in April.
Additional, web flows into these merchandise additionally reached 65,962 BTC within the final 30 days, Ju added.
The demand is principally being pushed by retail buyers as an earlier put up from Ju suggests massive buyers accounted for roughly 20% of all U.S.-traded spot Bitcoin ETFs.
Nonetheless, the uptick in demand might quickly see the entire Bitcoin held within the 12 choices surpass 1 million Bitcoin, in line with Bloomberg analyst Eric Balchunas.
In an Oct. 24 X put up, the analyst highlighted that these holdings are already 87% of the best way to exceeding the quantity held by Bitcoin’s nameless creator, Satoshi Nakamoto, whose pockets holds 1.1 million Bitcoin. See beneath.
At press time, Bitcoin was down 1.3%, exchanging fingers at $67,007, whereas its market cap stood at $1.32 billion.