Total net assets of spot Bitcoin ETFs have reached a historic milestone, now valued at $72.55 billion.
This figure represents 5.07% of Bitcoin’s total market cap, marking the first time that Bitcoin ETFs have captured more than 5% of the token’s total market cap.
Bitcoin ETFs Continue to See Record Inflows
On Oct. 29, net inflows into Bitcoin ETFs totaled $870 million, the third-largest daily inflow on record, according to data from SoSo Value. BlackRock’s IBIT fund contributed significantly with an inflow of $643 million.
Read more: What is a Bitcoin ETF?
The largest daily inflow was $1.05 billion on March 12, followed by $887 million on June 4. October saw $4.42 billion in inflows, the highest since March.
Additionally, BlackRock has also been buying BTC at an unprecedented pace, potentially to accommodate the growing demand for its Bitcoin ETF. The company currently holds 417,093 BTC, making it the third-largest holder of Bitcoin.
BlackRock is only surpassed by Binance and Satoshi Nakamoto. However, at the current pace, it could become the largest holder within a few months.
“Ok, we’re going to have to get ahead of ourselves, because just yesterday BTC ETFs gobbled up 12K+ coins like Pac-Man on a binge, now holding 996K BTC - big chance of passing 1M today (since yesterday’s ridiculous volume will likely translate into huge inflows tonight). Legit chance of reaching Satoshi by the end of November,” Bloomberg ETF analyst Eric Balchunas wrote in an X (formerly Twitter) post.
Bitcoin is trading around $72,000 after briefly touching $73,500 yesterday. However, rapid selloffs prevented it from reaching a new all-time high.
Bitcoin price performance. Source: BeInCrypto
Bitcoin-related stocks surge
MicroStrategy (MSTR) stock has soared alongside the recent surge in Bitcoin prices, peaking at $260 per share this week. The stock is up 125% in September and is up 470% since the start of the year.
Riot Platforms (RIOT), another Bitcoin mining company, has seen its shares soar by more than 43% this month following substantial inflows into Bitcoin ETFs.
Read more: Bitcoin ETF: Advantages and Disadvantages of Investing in ETFs
Additionally, Matthew Sigel, head of digital asset research at VanEck, offered a bold prediction, suggesting that Bitcoin could reach $3 million under VanEck's proprietary forecasting model, especially as the next election cycle unfolds.
In other developments, the Kingdom of Bhutan recently transferred $65.66 million worth of Bitcoin to Binance, likely signaling a sale while maintaining its government mining operations.
The article Bitcoin ETFs hit $72.5 billion; check it out was first seen on BeInCrypto Brasil.
