With net inflows of over $3 billion and demand at its highest level in six months, October was a successful month for U.S. spot Bitcoin ETFs.
Inflows into the 12-spot Bitcoin (BTC) exchange-traded funds have approached $1 billion over the last week, with four days of positive flows during this time frame. BlackRock’s IBIT, the largest ETF by net assets, was the source of most of these inflows, with inflows totaling about $24 billion since its introduction.
The previous week was even more optimistic for U.S. spot Bitcoin ETFs, despite significant inflows over the last week. The funds saw inflows totaling more than $2.13 billion during a five-day period, beginning with $555.86 million on October 14. This was the first time since March 2024 that weekly inflows into Bitcoin ETFs have topped $2 billion.
After two weeks of robust inflows into the investment products, the 12 Bitcoin ETFs have already seen inflows totaling more than $3.07 billion in October.
On October 21, a seven-day string of weekly inflows began with $294.29 million entering the funds. Inflows resumed after a short $79.09 million outflow on October 22, with three days in a row of positive results concluding on October 25.
According to SoSoValue data, inflows peaked at $402 million on the week’s last trading day.
On Friday, October 25, there were no outflows from any of the funds, with BlackRock’s IBIT once again at the top. Look below.
- BlackRock’s IBIT had $291.96 million in inflows over a 10-day period.
- Fidelity has $56.95 million in FBTC.
- $33.37 million is the ARKB of Ark 21Shares.
- VanEck’s $11.34 million HODL.
- $5.92 million for the Grayscale Bitcoin Mini Trust.
- Bitwise’s $2.55 million BITB.
- Hashdex’s DEFI, Grayscale’s GBTC, Franklin Templeton’s EZBC, WisdomTree’s BTCW, Invesco’s BTCO, and Valkyrie’s BRRR all experienced nil flows.
Demand for Bitcoin ETFs is at a six-month high
The 30-day momentum indicator for spot Bitcoin ETF demand has risen to a six-month high, which was last observed around the April Bitcoin halving, according to an X post on October 25 by Ki Young Ju, founder and CEO of CryptoQuant.
Additionally, according to Ju, net flows into these instruments totaled 65,962 BTC over the previous 30 days.
According to a previous post by Ju, big investors made up around 20% of all spot Bitcoin ETFs traded in the United States, indicating that regular investors are driving the majority of demand.
However, according to Bloomberg analyst Eric Balchunas, the surge in demand may soon cause the total amount of Bitcoin held in the 12 offerings to surpass one million.
The analyst noted in an X post on October 24 that these holdings are already 87% of the way to surpassing the 1.1 million Bitcoin that Satoshi Nakamoto, the anonymous creator of the cryptocurrency, currently has in his wallet.
