October proved to be a robust month for U.S. spot Bitcoin ETFs, attracting over $3 billion in net inflows as demand surged to its peak in the past six months.
In the last week, inflows into the 12 spot Bitcoin (BTC) exchange-traded funds approached $1 billion, with four consecutive days of positive inflows recorded. A significant portion of these funds came from BlackRock’s IBIT, the largest ETF by net assets, which is closing in on $24 billion in total inflows since its inception.
While the past week saw impressive inflows, the week before was even more favorable for U.S. spot Bitcoin ETFs. Starting with $555.86 million on October 14, the funds enjoyed a five-day inflow streak totaling over $2.13 billion. This was the first occasion since March 2024 where weekly inflows into Bitcoin ETFs exceeded $2 billion.
Following robust inflows into these investment products over the last fortnight, the 12 Bitcoin ETFs have now crossed $3.07 billion in inflows for October.
Weekly inflows kicked off strong on October 21, with $294.29 million entering the funds and commencing a seven-day streak of inflows. After a brief outflow of $79.09 million on October 22, inflows resumed with three consecutive positive days ending on October 25.
The final trading day of the week saw a peak of $402 million in inflows, as reported by SoSoValue data.
No funds saw outflows on Friday, October 25, with BlackRock’s IBIT once again leading the pack. Here are the highlights:
- 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 recorded zero flows.
Bitcoin ETF demand has reached a six-month high
On October 25, Ki Young Ju, founder and CEO of CryptoQuant, highlighted in an X post that the 30-day momentum indicator for spot Bitcoin ETF demand has hit a six-month high, a level not seen since the Bitcoin halving in April.
Additionally, net flows into these products reached 65,962 BTC in the past 30 days, Ju mentioned.
This demand is predominantly fueled by retail investors, with a previous post from Ju indicating that large investors accounted for about 20% of all U.S.-traded spot Bitcoin ETFs.
Nevertheless, the surge in demand may soon lead the total Bitcoin held in these 12 offerings to exceed 1 million Bitcoin, according to Bloomberg analyst Eric Balchunas.
In an October 24 X post, the analyst pointed out that these holdings are already 87% of the way to surpassing the quantity held by Bitcoin’s pseudonymous creator, Satoshi Nakamoto, whose wallet contains 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 the time of writing, Bitcoin was down 1.3%, trading at $67,007, while its market capitalization stood at $1.32 billion.
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