Eric Balchunas, a senior ETF analyst at Bloomberg, shared in an X post that Bitcoin ETFs have surpassed $20 billion in total net flows for the first time. This comes after a big week of $1.5 billion in inflows.
According to Balchunas, gold ETFs took almost five years to reach the exact figure. Bitcoin ETFs now total $65 billion in assets under management, a new high. Despite the recent ETF inflows, Bitcoin’s price has failed to break above $68,000 since June 2024.
Even though the price of Bitcoin has not yet reflected increased interest, the large inflows into Bitcoin ETFs reflect strong demand.
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Balchunas noted that reaching $20 billion in net flows is the “most difficult metric to grow” in the ETF market. Investors’ continuing pouring capital into ETFs is a sign of institutional confidence in the cryptocurrency market.
Recent Bitcoin ETF Inflows Reach $459 Million
Bitcoin spot ETFs saw a net inflow of $458m yesterday, October 16. Leading the charge in terms of one-day inflow is BlackRock’s IBIT ETF, which made a huge $393 million total.
However, Ethereum spot ETFs took only $24.2 million in net inflow during the same period.
Inflow increases in IBIT and FBTC have led across different timeframes, with newer products like BlackRock’s IBIT continuing to attract significant capital.
However, some funds, such as YBIT, have experienced outflows, reflecting a selective investor sentiment shifting toward more established products. Year-to-date inflows of $20.26 billion are strong overall confidence in the sector.
Bitcoin Price Fails to Break Above $68,000 Despite Strong ETF Inflows
Despite record inflows into Bitcoin ETFs, BTC prices still cannot break the $68,000 resistance level. Bitcoin stands at $66,987.59, down 0.87% for the day, according to TradingView stats.
Technically, the MACD line above the signal line shows potential bullish momentum.
This means that momentum is present but still weak enough to push Bitcoin past its current resistance levels.
Currently, the RSI is at 61.94 and is approaching overbought territory, although still in the neutral range. Bitcoin has faced resistance around $67,800 and will likely keep declining unless it breaks through that level.
