Bitcoin ETF inflows surpass $3b, demand hits 6-month high

October marked a powerful month for U.S. spot Bitcoin ETFs, with over $3 billion in internet 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. Nearly all of these inflows originated from BlackRock’s IBIT, the most important ETF by internet belongings, which is nearing $24 billion in complete inflows since its launch.

Regardless of sturdy inflows up to now 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 sturdy 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 sturdy on Oct. 21, with $294.29 million coming into the funds, kicking off a seven-day influx streak. Following a brief outflow of $79.09 million on Oct. 22, inflows resumed, with three consecutive optimistic days ending on Oct. 25. 

The week’s last buying and selling day reached a peak of $402 million in inflows, in response to SoSoValue data.

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 post 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, internet flows into these merchandise additionally reached 65,962 BTC within the final 30 days, Ju added. 

The demand is mostly being driven by retail investors as an earlier publish from Ju suggests giant buyers accounted for roughly 20% of all U.S.-traded spot Bitcoin ETFs.

However, the uptick in demand may quickly see the full Bitcoin held within the 12 choices surpass 1 million Bitcoin, in response to Bloomberg analyst Eric Balchunas. 

In an Oct. 24 X publish, 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 wallet holds 1.1 million Bitcoin. See beneath.

https://twitter.com/EricBalchunas/standing/1849439744284881105

At press time, Bitcoin was down 1.3%, exchanging palms at $67,007, whereas its market cap stood at $1.32 billion.