As a seasoned analyst with a decade of experience in the financial markets under my belt, I must admit that the recent surge in Bitcoin ETF inflows has caught my attention. The numbers are simply staggering – BlackRock’s IBIT attracting $291 million in just one week is nothing short of remarkable.
According to ETF analyst Nate Geraci, Bitcoin exchange-traded funds (ETFs) are now approaching 1 million Bitcoins in total holdings.
Collectively, they control roughly 5% of the total supply of the flagship cryptocurrency.
Last week, Bitcoin ETFs recorded a total of $988 million worth of inflows.
BlackRock’s record-shattering IBIT saw $1.15 billion worth of inflows in just a single week.
For comparison, spot Ether ETFs attracted only a small portion of these inflows ($78.89 million). These products continue to suffer from rather tepid investor interest.
On Oct. 25, IBIT attracted a staggering $291 million worth of fresh money.
1) It turns out that these inflows into positive ETFs occurred at the same time as Bitcoin’s remarkable surge in value. At this moment, Bitcoin is being traded at approximately $68,384, based on information from CoinGecko.
As an analyst, I’ve been observing some intriguing trends. Based on data from SoSoValue, it appears that BlackRock’s IBIT has grown to approximately $24 billion. Remarkably, this makes it the top-performing ETF in terms of inflows among all the ETFs launched within the last four years.
In terms of assets under management, Grayscale’s GBTC and Fidelity’s FBTC rank as the second and third largest with approximately $14.72 billion and $12.42 billion respectively.
Among the top five ETFs (Exchange-Traded Funds), Ark Invest’s ARKB and Bitwise’s BITB hold assets worth approximately $2.65 billion and $2.28 billion, respectively.
According to U.Today’s report, analyst Eric Balchunas forecasted that Bitcoin Exchange-Traded Funds (ETFs) might amass more Bitcoins than Satoshi Nakamoto, the creator of the first cryptocurrency, by Christmas.
To highlight some new findings, it appears that most of the demand for Bitcoin ETFs is originating from individual or non-institutional investors (retail investors).
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2024-10-28 11:50