ETF analyst Nate Geraci has noted a major milestone for Bitcoin exchange-traded funds (ETFs), which are now nearing a collective 1 million BTC in holdings - around 5% of Bitcoin’s total supply.
Last week alone, Bitcoin (BTC) ETFs saw inflows totaling $988 million.
Spot bitcoin ETFs now about 23,000 away from holding 1,000,000 btc…
Or almost 5% of btc final total supply.
via @apollosats pic.twitter.com/QnrOPr6vPX
— Nate Geraci (@NateGeraci) October 28, 2024
BlackRock’s IBIT ETF dominated inflows, bringing in a remarkable $1.15 billion within one week.
In contrast, spot Ethereum (ETH) ETFs have lagged significantly, attracting only $78.89 million as investors continue to show limited interest.
On October 25, IBIT alone secured $291 million in fresh capital, aligning with Bitcoin’s recent price surge to $68,600.
Data indicates that demand for Bitcoin ETFs is driven mainly by retail investors.
The idea of a Strategic Bitcoin Reserve in the U.S. has caught the attention of Deutsche Bank, which sees it as a move with significant economic implications.
Rumble has expanded its Bitcoin holdings, acquiring 188 BTC for $17.1 million as part of its long-term strategy to integrate digital assets into its corporate treasury.
Russia, under mounting financial sanctions, is cautiously testing the waters of regulated cryptocurrency investment.
Japanese investment firm Metaplanet has bolstered its Bitcoin holdings with a fresh purchase of 162 BTC, pushing its total stash to 3,050 BTC.