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Spot Bitcoin ETFs break $20 billion in inflows as BTC aims ATH

October 18, 2024
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Spot Bitcoin ETFs break $20 billion in inflows as BTC aims ATH
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  • Spot Bitcoin ETFs reached historic figures in terms of net inflows.
  • BTC stood just $6,000 away from ATH.

Spot Bitcoin [BTC] exchange-traded funds (ETFs) continued to shatter records and defy expectations.

 In a remarkable development, cumulative total net inflows into Spot Bitcoin ETFs have exceeded the $20 billion mark for the first time since its launch in January. 

This record level was achieved following a massive influx of $1.5 billion in just four days.

Eric Balchunas, Senior ETF analyst at Bloomberg, highlighted the significance of this milestone on X (formerly Twitter). He stated,

“The most imp number, most difficult metric to grow in ETF world.” 

He further compared it to gold ETFs, noting that:

 “It took gold ETFs about 5yrs to reach same number.”

BlackRock records highest inflows

It is worth noting that BlackRock’s iShares Bitcoin Trust (IBIT) has been a major contributor to these inflows. Data reported by SoSo Value revealed that on the 17th of October, BTC Spot ETFs saw a total net inflow of $470 million. 

Out of which, IBIT led the way with an impressive $309 million. Ark Invest and 21Shares’ ETF ARKB followed with a net inflow of $100 million.

Spot Bitcoin ETFs Surpass $20 Billion in Inflows as Price Hovers $67,000 Mark

Source: SoSo Value

As a result of these inflows, the total assets in spot Bitcoin ETFs now stand at $64 billion.

On the 16th of October, IBIT experienced a substantial net inflow of $393.4 million, marking its largest inflow since July. 

At press time, BlackRock’s net assets stood at over $25 billion. The product accounted for 1.95% of the entire Bitcoin market share of $1.3 trillion.

See also  BlackRock CEO feels 'there is value' in Ethereum ETFs

Is a new ATH near for BTC?

The surge in spot Bitcoin ETFs wasn’t the only bright spot this week. The cryptocurrency market has brought the long-awaited ‘Uptober’ rally to life.

After briefly dipping to around $58,000 on the 10th of October, BTC skyrocketed to a high of over $68,000 in just six days.

Over the past week, it rallied by double digits, gaining approximately 12%. At the time of writing, Bitcoin was trading at $67,786, just 8% shy of its all-time high (ATH) of over $73,000.

Consequently, optimism has been growing among traders, with many speculating that this bull cycle could propel Bitcoin to new highs.

The combination of bullish sentiment and a potential supply shock has sparked renewed enthusiasm and interest in the asset, suggesting the rally may be far from over.

Bitcoin: 10th most valuable asset in the world

While the king coin remains the largest cryptocurrency by market value, it has also managed to secure its spot among the top monetary assets. According to CompaniesMarketCap, Bitcoin now ranks as the 10th largest monetary asset globally. 

This achievement highlights Bitcoin’s growing influence not just in digital assets, but also in global financial markets.

Next: US SEC files appeal in Ripple case: XRP sees mixed market reaction

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • Spot Bitcoin ETFs reached historic figures in terms of net inflows.
  • BTC stood just $6,000 away from ATH.

Spot Bitcoin [BTC] exchange-traded funds (ETFs) continued to shatter records and defy expectations.

See also  BlackRock eyes blockchain beyond Bitcoin through smart contract supply chains

 In a remarkable development, cumulative total net inflows into Spot Bitcoin ETFs have exceeded the $20 billion mark for the first time since its launch in January. 

This record level was achieved following a massive influx of $1.5 billion in just four days.

Eric Balchunas, Senior ETF analyst at Bloomberg, highlighted the significance of this milestone on X (formerly Twitter). He stated,

“The most imp number, most difficult metric to grow in ETF world.” 

He further compared it to gold ETFs, noting that:

 “It took gold ETFs about 5yrs to reach same number.”

BlackRock records highest inflows

It is worth noting that BlackRock’s iShares Bitcoin Trust (IBIT) has been a major contributor to these inflows. Data reported by SoSo Value revealed that on the 17th of October, BTC Spot ETFs saw a total net inflow of $470 million. 

Out of which, IBIT led the way with an impressive $309 million. Ark Invest and 21Shares’ ETF ARKB followed with a net inflow of $100 million.

Spot Bitcoin ETFs Surpass $20 Billion in Inflows as Price Hovers $67,000 Mark

Source: SoSo Value

As a result of these inflows, the total assets in spot Bitcoin ETFs now stand at $64 billion.

On the 16th of October, IBIT experienced a substantial net inflow of $393.4 million, marking its largest inflow since July. 

At press time, BlackRock’s net assets stood at over $25 billion. The product accounted for 1.95% of the entire Bitcoin market share of $1.3 trillion.

Is a new ATH near for BTC?

The surge in spot Bitcoin ETFs wasn’t the only bright spot this week. The cryptocurrency market has brought the long-awaited ‘Uptober’ rally to life.

See also  Bitcoin to $1M? Arthur Hayes sees ETF-fueled surge but...

After briefly dipping to around $58,000 on the 10th of October, BTC skyrocketed to a high of over $68,000 in just six days.

Over the past week, it rallied by double digits, gaining approximately 12%. At the time of writing, Bitcoin was trading at $67,786, just 8% shy of its all-time high (ATH) of over $73,000.

Consequently, optimism has been growing among traders, with many speculating that this bull cycle could propel Bitcoin to new highs.

The combination of bullish sentiment and a potential supply shock has sparked renewed enthusiasm and interest in the asset, suggesting the rally may be far from over.

Bitcoin: 10th most valuable asset in the world

While the king coin remains the largest cryptocurrency by market value, it has also managed to secure its spot among the top monetary assets. According to CompaniesMarketCap, Bitcoin now ranks as the 10th largest monetary asset globally. 

This achievement highlights Bitcoin’s growing influence not just in digital assets, but also in global financial markets.

Next: US SEC files appeal in Ripple case: XRP sees mixed market reaction
Tags: aimsATHBillionBitcoinbreakBTCETFsinflowsspot

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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EDITOR'S PICK

MetaMask Could Soon Launch Its Token Airdrop. Here’s How to Prepare

MetaMask Could Soon Launch Its Token Airdrop. Here’s How to Prepare

May 2, 2023
MLB Enters the Web3 Arena: Magmic Unveils New Web3 Baseball Game

MLB Enters the Web3 Arena: Magmic Unveils New Web3 Baseball Game

March 21, 2024
Manipur leads India in adopting blockchain for academic credentialing

Manipur leads India in adopting blockchain for academic credentialing

December 10, 2023
Ramp Rolls Out Industry-First, Document-Free Verification in Brazil

Ramp Rolls Out Industry-First, Document-Free Verification in Brazil

February 10, 2024

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