Bitcoin ETFs are sky high as BlackRock $642 million.
(Photo by Stephanie Keith/Getty Images)
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Key Takeaways
Bitcoin ETFs command $72.55 billion in net assets or 5.07% of BTC’s market cap.
BlackRock’s BTC and ETH ETFs have combined cumulative inflows exceeding $26 billion.
Bitcoin ETFs combined BTC holdings are soon to surpass Satoshi Nakamoto’s.
U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) are riding high as funds net almost a billion in net inflows, with BlackRock seeing its largest gains since March.
As per data from SoSoValue, BTC ETFs have recorded a huge $870.02 million in net inflows on Oct. 29, marking their third-highest day of inflows since launch.
Bitcoin ETF flows. Source: SoSoValue
BlackRock’s iShares Bitcoin Trust (IBIT) captured an enormous $642.87 million in net inflows, marking its largest inflow since March 12, 2024.
This now raises the fund’s cumulative net inflow to $24.94 billion. With $30.44 billion in net assets, IBIT commands 2.13% of the BTC market cap.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) posted $133.86 million in net inflows, raising its cumulative net inflows to $10.55 billion.
The Bitwise Bitcoin ETF (BITB) netted $52.49 million, bringing its cumulative net inflow to $2.37 billion.
The Grayscale Bitcoin Mini Trust secured a cool $29.2 million, followed by the VanEck Bitcoin ETF (HODL) with $16.52 million. Finally, the ARK 21Shares Bitcoin ETF (ARKB) bagged a modest $12.39 million.
All other funds ran neutral. A total of $4.75 billion was traded, and BlackRock’s IBIT accounted for $3.36 billion.
Surpassing Satoshi
The recent and consistent streak of inflows has seen funds accumulate roughly 17,000 BTC a week on average.
The funds acquired 15,194 BTC between Oct. 21 and Oct. 25, which was five times the amount being produced by Bitcoin miners.
This breakneck speed at which these funds have hoovered up Bitcoin is not to be underestimated.
In fact, they’re on track to surpass Bitcoin creator Satoshi Nakamoto as the largest holder of BTC in the world.
COUNTDOWN: US spot ETFs are scheduled to hit 1 million bitcoin held by next Wed and pass Satoshi by mid-December (before their first birthday, amazing). They've been adding about 17k btc a week. That said, anything can happen, eg a violent selloff and all this is delayed albeit… pic.twitter.com/lsU1xSP2Zd
As Bloomberg Analyst Eric Balchunas highlighted, if they maintain their current pace, they’re on track to overtake Nakamoto by mid-December.
BlackRock’s IBIT already commands over 400,000 BTC, making it the third-largest holder under Binance.
Ethereum ETFs
As per SoSoValue, Ethereum ETFs were eager to get in on the inflow action, albeit a very humble $7.65 million in total net inflows on Oct. 39, 2024.
Ethereum ETF flows. Source: SoSoValue
Naturally, BlackRock’s iShares Ethereum Trust (ETHA) takes the top spot and is also the sole gainer for the day, netting inflows of $13.62 million.
With a cumulative net inflow of $1.29 billion, ETHA is the leading ETH ETF, cementing BlackRock’s position as the favorite amongst crypto ETF investors.
Unfortunately, the Grayscale Ethereum Trust (ETHE) is the least popular fund as it sheds a further $5.97 million in outflows.
With a cumulative net outflow of $3.08 billion, ETHE is the worst-performing ETH ETF, as is Grayscale’s BTC ETF, which has a total of $20.13 billion in cumulative net outflows.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
