Following the January approval of the investment vehicles, Spot Bitcoin ETFs now hold more than 1 million BTC. Indeed, the total stash of the leading cryptocurrency is worth over $72 billion as the products continue to show their value and investment interest continues to trend upward.
According to data from CoinGlass, Bitcoin ETFs saw October 30th inflows reach $896 million. That would indicate the second-largest single-day inflow in the ten-month history of the products, only to b. Leading the way in terms of crypto-based ETFs is BlackRock, whose IBIT has officially surpassed 1 million BTC in assets under management.
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Bitcoin ETFs Continue to Thrive, Holding Over $72 Billion in BTC
Throughout 2024, ETFs have been a key talking point within the crypto industry. The investment vehicles have opened up the asset class to a new section of institutional investors. In January, Bitcoin became the first to get approved for the investment vehicle. With the year entering the home stretch, it has continued to prove itself as an undeniable success for the industry.
Those Spot Bitcoin ETFs already hold more than 1 million BTC worth more than $72 billion. CoinGlass data notes that the feat was achieved through surging inflows. Over the last two days, that figure has surpassed the $827 million mark. Throughout the entire year, the BTC investment products have seen inflows surpass the $23 billion figure.
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A driving force behind the inflow increase has been Bitcoin sentiment. October has long been viewed as a potential game-changer for the token. Moreover, ‘Uptober’ has proved to be as advertised, with the token maintaining a level about the $70,000 mark.
There is still the point that the asset clears its March record by $73,000 significantly. The leading cryptocurrency is up more than 14% in the last 30 days and is currently trading at $71,588 according to CoinMarketCap.
Even more interesting, this has all occurred on the anniversary of the Bitcoin White Paper. 16 years ago today, Satoshi Nakamoto sent the BTC white paper to the Cryptography Mailing List, changing the financial world forever.
