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Key Points
- Bitcoin ETFs experienced the highest inflows in nearly five months, potentially overtaking Satoshi’s holdings by December.
- The rise of Bitcoin ETF inflows signifies an expanding acceptance across all types of institutional investors.
Bitcoin’s [BTC] surge in price has been paralleled by a record-breaking increase in exchange-traded fund (ETF) inflows.
On October 29th, as BTC peaked at over $73,000, spot BTC ETFs reported a net inflow of $870 million, the highest single-day net inflow since early June.
Rising ETF Inflows Amid Increasing BTC Price
This inflow surge alongside a rising BTC price has raised questions among analysts. Eric Balchunas, a senior ETF analyst at Bloomberg, found this rise “a bit odd”. However, he suggested that a “FOMO-ing frenzy” could potentially explain the spike in volume.
Balchunas also noted that iShares Bitcoin Trust ($IBIT) saw trading volumes soar to $3.3 billion, the largest figure in six months. All major Bitcoin ETFs experienced increased activity, suggesting a significant FOMO effect.
ETFs Closing in on Satoshi’s Holdings
Balchunas highlighted that U.S. spot ETFs are set to surpass 1 million BTC by next Wednesday. Furthermore, they could exceed the holdings attributed to Bitcoin’s creator, Satoshi Nakamoto, by mid-December.
He noted that the ETFs have been acquiring approximately 17,000 BTC weekly, pushing them closer to holding more Bitcoin than the iconic Satoshi wallet. However, he cautioned that this rapid accumulation isn’t without potential disruption.
Growing Institutional Demand
The acceptance of Bitcoin ETFs has expanded across every type of institutional investor. Recently, Emory University became the first endowment fund to report a Bitcoin ETF position, signaling that Bitcoin ETFs are now represented in a broad spectrum of institutional categories.
This level of institutional adoption underscores Bitcoin’s maturing role in traditional finance and its appeal among professional investors.