Bitcoin ETFs surpass $100B in assets: A preview of BTC’s move to $100k?

• Bitcoin ETFs’ total net assets reached $100 billion.
• The king coin nears six-digit valuation.

Spot Bitcoin [BTC] ETFs have achieved a significant milestone, surpassing $100 billion in Assets Under Management(AUM). 

This week’s total net flows have also set a record, reaching $2.89 billion with one trading day remaining. Furthermore, the total net inflows hit $30.35 billion.

Bloomberg’s senior ETF analyst, Eric Balchunas, took to social media platform X (formerly Twitter) to emphasize the remarkable performance, noting that YTD inflows have exceeded expectations, reaching, 

“Double our estimate.” 

Balchunas noted that Bitcoin ETFs are now 97% of the way to surpassing Satoshi Nakamoto as the largest BTC holder and 82% closer to overtaking gold ETFs.

Bitcoin ETFs inflows

Data from SoSo Value showed that the significant milestone was preceded by substantial inflows since the beginning of this week, which intensified as the week progressed. 

On the 20th of November 2024, inflows surged to $796 million. Simultaneously, the total net assets surpassed the $100 billion mark. Additionally, daily total net inflows reached $1 billion on the 21st of November. 

Source: SoSo Value

Notably, at press time the total net assets stood at $105.91 billion, representing 5.46% of Bitcoin’s market capitalization.

Unsurprisingly, the largest contributor was IBIT, holding nearly half of the total assets at $47.92 billion. It also dominated the inflow figures, accounting for $608 million.

IBIT also made a strong showing in the options market. According to James Seyffart, ETF analyst at Bloomberg, 97% of Bitcoin ETF options volume was concentrated on IBIT.

BTC to $100K?

Meanwhile, Jeff Park, Head of Alpha Strategies at Bitwise, celebrated the achievement on X, stating: 

“It’s only fitting we celebrate this milestone with Bitcoin hitting $100k.”

Interestingly, this comes as Bitcoin hit a new ATH of over $99,300, inching closer to a six-digit valuation. At press time, BTC was trading at $99,057, reflecting a 1.98% daily increase, according to CoinMarketCap.

But how far can BTC go before the rally loses steam? Benjamin Cowen, CEO of Into The Cryptoverse shared insights about that.

He drew parallels between Bitcoin’s trajectory to QQQ’s 1999 launch, which surged from $48-$49 to $120 in 54 weeks, despite brief pullbacks. 

Cowen noted Bitcoin ETFs launched near $48,000, with 54 weeks ending on the 20th of January, coinciding with Donald Trump’s inauguration day and SEC Chair Gary Gensler’s expected resignation. 

The exec remarked, 

“What are the chances #BTC rallies until mid-January (along with #BTC dominance), then BTC/USD gets a correction like it usually does in January of post-halving years?” 

Another milestone for Bitcoin

Adding to Bitcoin’s momentum, Balchunas highlighted another win for the king coin as the trading volume for the “Bitcoin Industrial Complex” hit a new record high

He wrote:

“BITSANITY: Let’s try $70b in volume today for The Bitcoin Industrial Complex, crushing yesterday’s record”

Of this, Balchunes noted $50 billion came from MicroStrategy (MSTR) and related products, while IBIT contributed $5 billion—its second-highest trading day.

With Bitcoin ETFs breaking records and the king coin nearing $100,000, the market’s bullish sentiment continues to soar.