Bitcoin

Spot

Billion

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Spot Bitcoin ETFs have exceeded the $20 billion mark in total net inflows for the first time.</li> 
 <li>Bitcoin’s price is just 8% shy of its all-time high, sparking optimism among traders.</li> 
</ul>  
<p>Spot Bitcoin Exchange-Traded Funds (ETFs) continue to break records, with total net inflows surpassing the $20 billion mark for the first time since their launch in January. This unprecedented level was reached after a substantial influx of $1.5 billion over a span of four days.</p> 
<p>Eric Balchunas, a Senior ETF analyst at Bloomberg, underscored the importance of this milestone on X (formerly Twitter), comparing it to the growth of gold ETFs which took about five years to reach a similar figure.</p> 
<h2 id="blackrock-leads-the-way">BlackRock Leads the Way</h2> 
<p>BlackRock’s iShares Bitcoin Trust (IBIT) has been a significant player in these inflows. SoSo Value reported that on October 17th, BTC Spot ETFs experienced a total net inflow of $470 million, with IBIT leading the charge with a substantial $309 million. Ark Invest and 21Shares’ ETF ARKB followed with a net inflow of $100 million.</p> 
<p>As a result of these inflows, the total assets in spot Bitcoin ETFs currently stand at $64 billion. On October 16th, IBIT saw a significant net inflow of $393.4 million, marking its largest inflow since July. At the time of writing, BlackRock’s net assets were valued at over $25 billion, accounting for 1.95% of the entire Bitcoin market share of $1.3 trillion.</p> 
<h2 id="is-bitcoin-approaching-a-new-ath">Is Bitcoin Approaching a New ATH?</h2> 
<p>The rise in spot Bitcoin ETFs isn’t the only positive development this week. The cryptocurrency market has sparked the eagerly anticipated ‘Uptober’ rally. After a brief dip to around $58,000 on October 10th, BTC soared to a high of over $68,000 within six days.</p> 
<p>Over the past week, it rallied by double digits, gaining approximately 12%. At the time of writing, <a href="https://coineagle.com/price/bitcoin/">Bitcoin</a> was trading at $67,786, just 8% away from its all-time high of over $73,000. This has led to growing optimism among traders, with many speculating that this bull cycle could push Bitcoin to new heights.</p> 
<p>The mix of bullish sentiment and a potential supply shock has reignited interest in the asset, suggesting the rally may be far from over.</p> 
<h2 id="bitcoin-a-top-global-asset">Bitcoin: A Top Global Asset</h2> 
<p>While Bitcoin remains the largest cryptocurrency by market value, it has also secured a spot among the top global monetary assets. According to CompaniesMarketCap, Bitcoin now ranks as the 10th largest monetary asset worldwide. This accomplishment underscores Bitcoin’s growing influence not just in the realm of digital assets, but also in global financial markets.</p>

Record-breaking $20 Billion Inflows to Bitcoin ETFs as BTC Targets New Highs

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CoinEagle.com

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