CoinAnk data shows that the United States had a cumulative net inflow of $1.8629 billion last week, amounting to 62,543,536,055. The total on-chain holdings of the U.S. spot Bitcoin ETF have surpassed 1.14 million BTC, currently reaching about 1.146 million BTC, which accounts for 5.78% of the current BTC supply. The on-chain holding value has reached approximately $120.1 billion. Meanwhile, the BTC price has set a new historical high today.

We believe that the cumulative net inflow of $1.8629 billion into the U.S. Bitcoin spot ETF last week indicates that demand for Bitcoin remains strong. This influx of funds may reflect investors' confidence in Bitcoin as an asset class, as well as their interest in spot ETF products. The total on-chain holding data further demonstrates the importance of Bitcoin in the asset allocation of institutional investors.

Some large institutional investors are shifting their focus from chip manufacturers to leading cryptocurrency ETFs, a shift that may be related to the growing recognition and acceptance of cryptocurrencies in the market. Data shows that Millennium Management's Israel Englander reduced his holdings in Nvidia by 12.5% in the third quarter of 2024, while Capula Management's Yan Huo decreased his holdings by 27.7% during the same period. At the same time, these two well-known billionaire investors increased their positions in Bitcoin through BlackRock's IBIT, with Englander adding 12.6 million shares to his IBIT position in the third quarter, while Yan Huo increased his holdings by 1.1 million shares. This suggests that some institutional investors may be reevaluating their portfolios, reallocating funds from traditional tech stocks to the cryptocurrency space, which may be related to their expectations for the long-term growth potential of cryptocurrencies.