Bitcoin ETFs Cross $100B: A Step towards BTC Hitting $100k?

Accelerated Growth in Less Than a Year: The Success Story Behind BTC ETFs Achieving $100B Milestone

Bitcoin ETFs Cross $100B: A Step towards BTC Hitting $100k?

Key Points

Bitcoin ETFs have achieved a significant milestone, surpassing $100 billion in Assets Under Management (AUM). This week’s total net flows have also set a record, reaching $2.89 billion with one trading day remaining.

Record-Breaking Performance

Eric Balchunas, Bloomberg’s senior ETF analyst, emphasized the remarkable performance on social media. He noted that year-to-date inflows have exceeded expectations. Bitcoin ETFs are now 97% of the way to surpassing Satoshi Nakamoto as the largest BTC holder and 82% closer to overtaking gold ETFs.

Data from SoSo Value revealed that substantial inflows since the beginning of the week led to this significant milestone. On the 20th of November 2024, inflows surged to $796 million, and the total net assets surpassed the $100 billion mark.

IBIT Dominates the Market

IBIT, the largest contributor, holds nearly half of the total assets at $47.92 billion. It also dominated the inflow figures, accounting for $608 million. According to James Seyffart, ETF analyst at Bloomberg, 97% of Bitcoin ETF options volume was concentrated on IBIT.

Jeff Park, Head of Alpha Strategies at Bitwise, celebrated the achievement on social media. He stated, “It’s only fitting we celebrate this milestone with Bitcoin hitting $100k.” This comes as Bitcoin hit a new all-time high of over $99,300, inching closer to a six-digit valuation.

Bitcoin’s Future Trajectory

Benjamin Cowen, CEO of Into The Cryptoverse, shared insights about Bitcoin’s future trajectory. He drew parallels between Bitcoin’s trajectory to QQQ’s 1999 launch, which surged from $48-$49 to $120 in 54 weeks, despite brief pullbacks. Cowen noted Bitcoin ETFs launched near $48,000, with 54 weeks ending on the 20th of January, coinciding with Donald Trump’s inauguration day and SEC Chair Gary Gensler’s expected resignation.

Balchunas highlighted another win for Bitcoin as the trading volume for the “Bitcoin Industrial Complex” hit a new record high. He wrote, “BITSANITY: Let’s try $70b in volume today for The Bitcoin Industrial Complex, crushing yesterday’s record.” Of this, Balchunas noted $50 billion came from MicroStrategy (MSTR) and related products, while IBIT contributed $5 billion—its second-highest trading day.

Exit mobile version