Exchange-Traded Funds (ETFs) for Bitcoin (BTC) have surpassed expectations by attracting an unprecedented $20 billion in investments, setting new records in the process.
In a remarkable turn of events, the total net inflows into Bitcoin ETFs have exceeded $20 billion since their inception in January, with a substantial $1.5 billion pouring in over just four days.
Eric Balchunas, a Senior Analyst at Bloomberg specializing in ETFs, emphasized the significance of this milestone on social media, stating,
“This is a crucial metric for growth in the ETF industry.”
He also drew a comparison to gold ETFs, noting that:
“Gold ETFs took around 5 years to hit the same milestone.”
BlackRock Leads the Inflows
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) has played a major role in driving these inflows. Data from SoSo Value indicated that on October 17th alone, BTC ETFs received a total net inflow of $470 million.
Out of this amount, IBIT took the lead with an impressive $309 million, followed by Ark Invest and 21Shares’ ARKB ETF with $100 million in net inflow.
As a result, the total assets for Bitcoin ETFs currently stand at $64 billion, with IBIT alone seeing a notable net inflow of $393.4 million on October 16th, marking its largest since July.
As of now, BlackRock’s total net assets have surpassed $25 billion, representing 1.95% of Bitcoin’s market share of $1.3 trillion.
New ATH on the Horizon for BTC?
The surge in Bitcoin ETFs isn’t the only positive news this week, as the cryptocurrency market has witnessed the anticipated ‘Uptober’ rally. Following a brief dip to $58,000 on October 10th, BTC surged to over $68,000 within six days.
Over the past week, Bitcoin has experienced a double-digit rally, gaining approximately 12%. With the current price at $67,786 as of writing, it is just 8% away from its all-time high (ATH) of over $73,000.
This surge has fueled optimism among traders, who speculate that this bullish cycle could push Bitcoin to new record highs.
The combination of positive sentiment and a potential supply shortage has reinvigorated interest in Bitcoin, hinting that the rally may have further room to grow.
Bitcoin: 10th Top Asset Globally
While Bitcoin remains the biggest cryptocurrency by market cap, it has also made its mark among the top financial assets globally. According to CompaniesMarketCap, Bitcoin is now the 10th largest financial asset worldwide.
This accomplishment underscores Bitcoin’s increasing significance not just within the digital asset space but also in the broader financial landscape.