The Bitcoin ETF hit $72.55 billion, up 5% of the market value
The 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 value, marking the first time that Bitcoin ETFs have accounted for more than 5% of the total market value.
Bitcoin ETFs continue to record inflows.
On October 29, net inflows to Bitcoin ETFs reached $870 million, according to data from Soso Value, the third largest daily flow recorded. BlackRock's IBIT fund was the biggest contributor with $643 million in revenue.
Read more: What is a Bitcoin ETF?
The biggest single-day gross in history was $1.05 billion on March 12, followed by $887 million on June 4. So far October has netted $4.42 billion, making it the most significant month since March.
BlackRock is buying BTC at an unprecedented rate, which could meet its growing demand for Bitcoin ETFs. The company currently holds 417,093 BTC, making it the third largest holder of Bitcoin.
Blackrock is managed solely by Binance and Satoshi Nakamoto. However, at the current rate, he could become the biggest owner in months.
“Ok we alone btc eff raised over 12k coins like pac-man on a bender so now 996k btc has a good chance to pass 1 million (could be translated as a ridiculous amount). Big flows tonight. Legit shot to get to satoshi by end of november” said Bloomberg eff Analyst Eric Balchunas wrote in a post on X (formerly Twitter).
Bitcoin is trading around $72,000 after briefly touching $73,500 yesterday. However, a short-term sell-off prevented it from reaching new highs.
MicroStrategy (MSTR) stock recently rallied along with Bitcoin's price rally, hitting a high of $260 per share this week. The stock rose 125% in September and is up 470% year-to-date.
Riot Platforms ( RIOT ), another Bitcoin miner, saw its stock surge more than 43 percent this month, driven by strong gains in Bitcoin ETFs.
Read more: How to trade Bitcoin ETF – a step-by-step approach
Additionally, VanEck's head of digital asset research, Matthew Siegel, offered a bold prediction, suggesting that Bitcoin could reach $3 million in VanEck's proprietary forecasting model, especially with the upcoming election cycle in sight.
In other developments, the Bhutanese government recently transferred $65.66 million in Bitcoin to Binance, possibly signaling a sale, while maintaining its state-run mining operation.
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