Bitcoin ETFs Surpass $20 Billion in Inflows Despite Price Struggles
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Spot Bitcoin exchange-traded funds (ETFs) in the U.S. have achieved over $20 billion in net inflows as of October 17, despite Bitcoin's price remaining stuck in a seven-month downtrend.
According to Bloomberg analyst Eric Balchunas, this figure is a significant milestone, reached after a recent surge of $1.5 billion in inflows.
Although these ETFs are performing well, Bitcoin has struggled to exceed $68,300 since June and has seen a decline since March. It took only ten months for Bitcoin ETFs to hit the $20 billion mark, while gold ETFs required about five years.
BlackRock alone account for $22 billion in inflows, but Grayscale’s outflows reach over $20 billion.
After a brief period of outflows, Bitcoin ETFs began attracting investment again on October 11, amassing $458 million in Bitcoin by October 16. Consequently, total on-chain holdings have surpassed $65.4 billion, representing nearly 5% of the circulating supply.
Analysts suggest a potential Bitcoin rally could push prices to $92,000, as historically, October and November have shown strong returns during halving years, with October averaging over 21%.
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