Spot Bitcoin ETFs Cross 1,000,000 BTC Holdings In Just 10 Months

The spot Bitcoin ETFs continue to hit new milestones every passing day as they surpass 1 million BTC holdings within just 10 days of launch. BlackRock’s iShares Bitcoin Trust (IBIT) has delivered formidable performance and has been at the forefront of the majority of inflows happening over the past few weeks.

BlackRock IBIT Dominates Spot Bitcoin ETF Inflows

On Wednesday, October 30, the spot Bitcoin ETF inflows stood at a staggering $893 million, thereby making it the second-largest daily inflow ever since inception in January 2024. However, if we see, BlackRock’s IBIT alone saw more than $ 870 million in inflows while taking its total inflows to more than $25.5 billion since inception. Yesterday was also the biggest-ever daily inflow for IBIT.

Following yesterday’s development, the total number of Bitcoins held across all nine US spot ETFs surged past the 1 million milestone.

Nate Geraci, a prominent ETF analyst, shared an impressive update on the momentum behind the iShares Spot Bitcoin ETF (IBIT). Geraci noted that IBIT gathered more capital in a single day than all but seven of the 590+ ETFs launched in 2024 have accumulated throughout the entire year.

Investors Bullish Before US Elections?

The inflows into spot Bitcoin ETFs show that institutional players are already building huge positions. Bloomberg ETF strategist Eric Balchunas said that both retail and institutional players have been buying the BTC ETFs in recent times. He wrote: “it started mostly retail but increasingly advisors institutions, which hold like 20% of shares out now but prob reach 40% within a year”.

The recent developments happen when the US election results are less than a week from now with prediction markets betting on a Donald Trump victory. On the other hand, big players like MicroStrategy have been turning bullish while disclosing their plans to buy additional Bitcoins worth $42 billion. Sean McNulty, director of trading at liquidity provider Arbelos Markets said:

“We see the $42 billion as ambitious but not unattainable. Ultimately, if Bitcoin goes higher, it’ll work out for them.”

Also, the Bitcoin price is pretty close to hitting fresh all-time high levels and is currently trading around $72,200 levels. As the market gets more clarity about the US elections, it could propel BTC to fresh all-time highs in November while leading to further rallies ahead.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/spot-bitcoin-etf-cross-1000000-btc-holdings-in-just-10-months/