Key Points
- Spot Bitcoin ETFs have surpassed the $20 billion mark in cumulative total net inflows for the first time.
- Bitcoin’s price is nearing its all-time high as it continues to rally in October.
Spot Bitcoin exchange-traded funds (ETFs) continue to break records, with total net inflows surpassing $20 billion for the first time since their launch in January.
This milestone was reached after an influx of $1.5 billion within a span of four days.
Record Inflows and Bitcoin’s Rally
Eric Balchunas, a Senior ETF analyst at Bloomberg, highlighted the significance of this achievement on X (formerly Twitter).
He compared it to gold ETFs, stating that it took them about five years to reach the same number.
BlackRock’s iShares Bitcoin Trust (IBIT) has been a key contributor to these inflows.
On October 17, BTC Spot ETFs saw a net inflow of $470 million, with IBIT leading with an impressive $309 million.
As a result, the total assets in spot Bitcoin ETFs are now valued at $64 billion.
The surge in spot Bitcoin ETFs coincides with a rally in the cryptocurrency market.
After a dip to around $58,000 on October 10, Bitcoin soared to over $68,000 in just six days.
Currently, Bitcoin is trading at $67,786, just 8% short of its all-time high of over $73,000.
Bitcoin’s Growing Influence
The bullish sentiment and potential supply shock have sparked renewed interest in Bitcoin, suggesting the rally may continue.
Not only is Bitcoin the largest cryptocurrency by market value, but it also ranks as the 10th largest monetary asset globally according to CompaniesMarketCap.
This signifies Bitcoin’s expanding influence not just in the realm of digital assets, but in global financial markets as well.