Bitcoin ETFs Near 1 Million BTC Mark Amid Record Inflows

Bitcoin ETFs are on the brink of a historic milestone. In a recent X post, Nate Geraci, President of ETF Store, revealed that these funds are just 23,000 Bitcoin away from accumulating a staggering 1 million BTC. At current prices, an additional $1.55 billion in net inflows would be needed for the ETFs to purchase the remaining 23,107 BTC and hit the target.

Last week, Bitcoin ETFs saw inflows totaling $988 million, marking a significant boost. BlackRock’s iShares Bitcoin Trust (IBIT) led the way with a record $1.15 billion in inflows in just one week. These strong ETF flows have aligned with a notable recovery in Bitcoin’s price. In comparison, spot Ether ETFs only managed to draw in $78.89 million over the same period.

BlackRock’s IBIT Takes the Lead

With nearly $24 billion in assets, BlackRock’s IBIT is now the top-performing ETF in terms of inflows among all ETFs launched over the past four years. Following it are Grayscale’s Bitcoin Trust (GBTC) and Fidelity’s Bitcoin ETF (FBTC), which have reached $14.72 billion and $12.42 billion, respectively. Ark Invest’s ARKB and Bitwise’s BITB round out the top five, with $2.65 billion and $2.28 billion in assets.

New Bitcoin ATH Brewing?

Bitcoin analyst Alessandro Ottaviani noted that In the last two weeks, there were $3B net inflow from the Bitcoin Spot ETFs. “If this pace continues through November, ATH will be inevitable,” he noted. 

Supporting this outlook, a well-known trader pointed out that retail investors are driving 80% of the demand for Bitcoin ETFs. He called the BTC ETF the fastest-growing and most successful ETF in history, and added that institutional interest is still in the early stages.

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Why November Could Be the Game Changer

November could prove crucial for the cryptocurrency market, with several key events on the horizon. Traders are preparing for potential tailwinds, including the U.S. election, the possibility of the Federal Reserve lowering interest rates, and Russia’s decision to lift its ban on Bitcoin mining.

These factors could significantly influence Bitcoin’s performance.

With record-setting ETF inflows and favorable conditions ahead, Bitcoin’s chances of reaching a new all-time high seem strong. Do you think BTC will set new records as demand for ETFs continues to surge?