October has proven to be a robust month for U.S. spot Bitcoin ETFs, with an impressive $3 billion in net inflows. This surge in demand has reached its highest level in the past six months. Over the last week alone, the 12 spot Bitcoin exchange-traded funds saw nearly $1 billion in inflows, with four consecutive days of positive flows.
The leading contributor to these inflows was BlackRock’s IBIT, the largest ETF by net assets, which has accumulated close to $24 billion in total inflows since its inception. Despite the recent strong inflows, the previous week was even more bullish for U.S. spot Bitcoin ETFs. Starting with $555.86 million on October 14th, the funds experienced a five-day streak of inflows totaling over $2.13 billion. This marked the first time weekly inflows into Bitcoin ETFs exceeded $2 billion since March 2024.
After the significant inflows over the past two weeks, the 12 Bitcoin ETFs have now surpassed $3.07 billion in inflows for the month of October. The weekly inflows began on a high note on October 21st, with $294.29 million entering the funds, initiating a seven-day streak of inflows. Despite a brief outflow of $79.09 million on October 22nd, inflows resumed, with three consecutive positive days ending on October 25th.
The final trading day of the week saw a peak of $402 million in inflows, according to SoSoValue data. Notably, none of the funds recorded any outflows on Friday, October 25th, with BlackRock’s IBIT leading the pack once again. The breakdown of inflows for the various funds is as follows:
– BlackRock’s IBIT: $291.96 million with a 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 did not see any flows.
The surge in Bitcoin ETF demand has reached a six-month high, as noted by Ki Young Ju, founder and CEO of CryptoQuant. The 30-day momentum indicator for spot Bitcoin ETF demand is currently at levels last seen around the Bitcoin halving in April. Additionally, net flows into these products have totaled 65,962 BTC in the last 30 days. The majority of this demand is being driven by retail investors, with large investors accounting for only about 20% of all U.S.-traded spot Bitcoin ETFs.
The increasing demand could soon see the total Bitcoin held in the 12 offerings surpass 1 million Bitcoin, according to Bloomberg analyst Eric Balchunas. The holdings of these ETFs are already 87% of the way to exceeding the amount held by Bitcoin’s anonymous creator, Satoshi Nakamoto, whose wallet contains 1.1 million Bitcoin. As of the latest update, Bitcoin’s price was down 1.3%, trading at $67,007, with a market cap of $1.32 billion.