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Sujit Kumar
Oct 30, 2024
by Sujit Kumar

US Bitcoin ETFs Set New Record as Bitcoin Approaches All-Time High

Bitcoin ETF
On Tuesday, US spot Bitcoin ETFs witnessed an unprecedented surge, with $870 million in net inflows, the largest single-day inflow since June 4, as per Farside Investors data. The impressive performance came as Bitcoin breached the $73,000 mark, climbing 7% over the past week, according to CoinGecko.

BlackRock’s IBIT ETF led the charge, pulling in $643 million in net inflows—the largest since March 12, when Bitcoin was near its record-high. Bloomberg ETF analyst Eric Balchunas reported that IBIT’s trading volume hit $3.3 billion on Tuesday, the highest in six months. This unexpected spike suggests a “FOMO-ing frenzy,” with investors eager to capture potential gains as Bitcoin rallied.

Competitors Also See Substantial Growth

Other prominent Bitcoin ETFs experienced notable gains. Fidelity’s FBTC saw a $134 million net inflow, while Bitwise’s BITB, Grayscale’s BTC, VanEck’s HODL, and ARK Invest’s ARKB collectively garnered over $110 million. Meanwhile, Grayscale’s GBTC fund faced $17 million in redemptions but still holds about 220,546 BTC, valued at roughly $16 billion.

ETFs Set to Surpass Satoshi Nakamoto’s Holdings

US Bitcoin ETFs may soon surpass the Bitcoin holdings attributed to Satoshi Nakamoto, currently estimated at 1.1 million BTC. With an average weekly accumulation of 17,000 BTC, Balchunas forecasts that ETFs could reach this milestone by December. Despite potential market fluctuations, the growth outlook for these ETFs remains strong, driven by increasing investor confidence.

Bitcoin hit a peak of $73,500 yesterday, approaching its all-time high, with trading currently around $72,200, up 1.8% in the last 24 hours.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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US Bitcoin ETFs Set New Record as Bitcoin Approaches All-Time High
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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