This week, inflows into spot Bitcoin exchange-traded funds surged by over 580%, with one analyst noting that large investors were accumulating Bitcoin at a rate reminiscent of the pre-2020 rally.
In the last week, the 12 spot Bitcoin ETFs attracted $2.13 billion in inflows, marking six consecutive days of positive returns. This is the first time since March 2024 that weekly inflows into Bitcoin ETFs have exceeded the $2 billion threshold.
Total net inflows for Bitcoin ETFs have reached an unprecedented $20.94 billion, a milestone that took gold ETFs several years to achieve, according to Bloomberg’s Eric Balchunas. Bitcoin products accomplished this feat in less than a year.
Weekly inflows peaked on October 14, with $555.86 million entering the ETFs, but by October 18, the momentum slowed, dropping to $273.71 million, as reported by SoSoValue data.
All funds experienced positive flows on the last trading day, led by ARK 21Shares’ ARKB. The inflows recorded were as follows:
- ARK 21Shares’ ARKB, $109.86 million, 7-day inflow streak.
- BlackRock’s IBIT, $70.41 million, 5-day inflow streak.
- Bitwise’s BITB, $35.96 million.
- VanEck’s HODL, $23.34 million.
- Fidelity’s FBTC, $18.0 million, 6-day inflow streak.
- Invesco’s BTCO, $16.11 million.
- Franklin Templeton’s EZBC, Wisdom Tree’s BTCW, Grayscale’s GBTC and BTC , and Hashdex’s DEFI registered no flows.
Increased Whale Accumulation
The inflows into Bitcoin (BTC) products this week indicate strong interest from both retail and institutional investors, coinciding with a notable accumulation trend observed among whales.
On X, CryptoQuant analyst Woominkyu highlighted that the Bitcoin whale ratio on spot exchanges resembles the pattern seen in July 2020, shortly after the COVID crash. The chart he shared suggests that this was the beginning of a significant Bitcoin rally, indicating that whales may be preparing for another long-term price increase. (See below.)
A similar accumulation trend was also reported by fellow analyst and CryptoQuant CEO Ki-Young Ju, who mentioned in an October 16 post on X that new whale wallets, with an average coin age of less than 155 days, reached a peak of 1.97 million BTC. (See below.)
Whales are often referred to as “smart money” due to their tendency to buy during market dips and to hold through fluctuations, leveraging their financial strength and strategic timing to execute calculated moves. Their behavior can often indicate potential market trends as they typically align themselves with significant price movements.
While the rise in whale accumulation has sparked optimism for an impending rally, multiple market analysts anticipate that Bitcoin may reach a new all-time high soon, potentially propelled by the upcoming U.S. presidential elections.
Pseudonymous trader Crypto Raven noted that recent polls suggest an increasing likelihood of Republican candidate Donald Trump winning in November, which could provide the momentum BTC needs to achieve new highs. As Raven expressed, “if everything goes this smoothly, we could aim for the moon.”
On a more optimistic note, Bitwise CIO Matt Hougan predicts that Bitcoin could reach six figures, influenced by not only the upcoming elections but also by escalating institutional demand and various macroeconomic factors.
At the time of publication, the flagship cryptocurrency was valued at $68,280, reflecting an 8.5% increase over the past week.
