In the latest X Post, Nate Geraci, the President of ETF Store, has drawn special attention to BTC ETFs, noting that the Bitcoin exchange-traded funds (ETFs) are closely approaching 1 million Bitcoins in total holdings as they are just about 23,000 away from holding 1,000,000 BTC. The ETFs would need to take in $1.55 billion in net inflows at current prices to buy the additional 23,107 Bitcoin and reach the milestone.
Strikingly, Bitcoin ETFs recorded a total of $988 million worth of inflows last week. BlackRock’s record-shattering IBIT witnessed a massive $1.15 billion worth of inflows in just a single week. Notably, these positive ETF flows have coincided with Bitcoin’s remarkable price recovery. While the spot Ether ETFs managed to attract only a small part of these inflows ($78.89 million).
A New ATH Soon?
BlackRock’s IBIT has now approached $24 billion, which is already the best-performing ETF in terms of inflows among all the ETFs launched over the past four years. Grayscale’s GBTC and Fidelity’s FBTC take the second and third places with $14.72 billion and $12.42 billion, respectively. Ark Invest’s ARKB and Bitwise’s BITB are further in the top 5 with $2.65 billion and $2.28 billion, respectively.
Bitcoin analyst Alessandro Ottaviani noted that In the last two weeks, there were $3B net inflow from the Bitcoin Spot ETFs. “If this pace continues through November, ATH will be inevitable,” he noted.
Also, a renowned trader underscored that 80% of Bitcoin ETF demand comes from retail investors. He noted that the BTC ETF is the most successful and fastest growing ETF in history while its institutional adoption hasn’t started yet.
Crypto Tailwinds
In good news for the crypto community, traders gear up for potential crypto tailwinds in November which include the US election, the Federal Reserve potentially lowering interest rates and Russia lifting its Bitcoin mining ban, all in November.
