Bitcoin ETF inflows surpass $3b, demand hits 6-month high

October was a strong month for US spot Bitcoin ETFs; There was a net inflow of over 3 billion dollars as demand reached its highest level in six months.

Last week, inflows into 12 spot Bitcoin (BTC) exchange-traded funds approached $1 billion, recording four days of positive flows during this period. The majority of these inflows came from BlackRock’s IBIT, which is the largest ETF by net assets and has approached $24 billion in total inflows since its launch.

Despite last week’s strong inflows, the previous week saw even more bullishness for US spot Bitcoin ETFs. Starting from $555.86 million on October 14, the funds experienced a series of inflows exceeding $2.13 billion in total over five days. This means weekly inflows into Bitcoin ETFs exceeded $2 billion for the first time since March 2024.

Following strong inflows into investment products over the past two weeks, inflows into 12 Bitcoin ETFs exceeded $3.07 billion in October.

Weekly inflows started strong on October 21, with $294.29 million entering the funds, beginning a seven-day inflow streak. After a brief $79.09 million breakout on October 22, inflows resumed and three consecutive positive days ended on October 25.

According to SoSoValue data, inflows reached a peak of $402 million on the last trading day of the week.

No fund outflows were recorded on Friday, October 25, with BlackRock’s IBIT once again maintaining its lead. See below.

BlackRock’s IBIT, $291.96 million, 10-day entry streak. Fidelity’s FBTC, $56.95 million. ARK 21Shares’ ARKB is $33.37 million. VanEck’s HODL is $11.34 million. Grayscale Bitcoin Mini Trust, $5.92 million. Bitwise’s BITB is $2.55 million. Valkyrie’s BRRR, Invesco’s BTCO, Franklin Templeton’s EZBC, WisdomTree’s BTCW, Grayscale’s GBTC, and Hashdex’s DEFI saw zero flows. Bitcoin ETF demand hits six-month high

The 30-day momentum indicator for spot Bitcoin ETF demand has reached a six-month high last seen around the Bitcoin halving in April, CryptoQuant founder and CEO Ki Young Ju noted in an X post on Oct. 25.

Additionally, Ju added that the net flow to these products also reached 65,962 BTC in the last 30 days.

Demand is mostly driven by retail investors, as Ju suggested in an earlier post that large investors account for about 20% of all spot Bitcoin ETFs traded in the US.

However, the increase in demand could see the total Bitcoin held in 12 offerings soon exceed 1 million Bitcoins, according to Bloomberg analyst Eric Balchunas.

In a post dated October 24, the analyst highlighted that these assets exceed 87% of the holdings of Bitcoin’s anonymous creator, Satoshi Nakamoto, who has 1.1 million Bitcoins in his wallet. 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 changed hands at $67,007, down 1.3%, and its market value was $1.32 billion.