The total net assets of spot Bitcoin ETFs have reached an unprecedented value of $72.55 billion. This marks the first time these ETFs have captured more than 5% of Bitcoin’s total market cap.
On October 29, Bitcoin ETFs recorded significant net inflows of $870 million, driven mainly by a $643 million contribution from BlackRock’s IBIT fund. October has registered a cumulative $4.42 billion in net inflows, marking it as one of the strongest months.
BlackRock's rapid BTC acquisition may reflect the rising demand for its Bitcoin ETF, becoming the third-largest Bitcoin holder, only behind Binance and Satoshi Nakamoto. At this pace, it might soon become the largest holder.
According to Bloomberg ETF analyst Eric Balchunas, Bitcoin ETFs' holdings could surpass 1 million coins, challenging Satoshi by the end of November.
Bitcoin recently traded around $72,000, although short-lived sell-offs have affected its bid for a new all-time high.
Stocks like MicroStrategy and Riot Platforms have surged due to the Bitcoin rally. MicroStrategy's stock reached a high of $260, gaining 470% since the year's start, while Riot Platforms surged over 43% in October.
VanEck forecasts Bitcoin potentially hitting $3 million during the next election cycle, while Bhutan’s recent Bitcoin transfer to Binance might indicate a sale amidst ongoing mining ventures.
