Spot Bitcoin exchange-traded funds (ETFs) in the U.S. have hit a remarkable milestone, surpassing $20 billion in total net flows on October 17 2024.
According to Eric Balchunas, a senior ETF analyst at Bloomberg, the $20 billion figure represents a critical achievement in the ETF landscape.
In a post on X, he noted:
“Bitcoin ETFs have crossed $20 billion in total net flows – the most important number and the most challenging metric to grow in the ETF world – after a significant week of $1.5 billion in inflows.”
Remarkably, it took U.S. spot Bitcoin ETFs just 10 months to reach the $20 billion net flow milestone.
🇺🇸 MILESTONE | ‘We Do not Approve Nor Endorse Bitcoin,’ Says United States SEC as it Approves 11 Spot #Bitcoin ETFs
This development represents a historic milestone in the integration of Bitcoin into traditional financial markets.
Below are the 11 approved products.… pic.twitter.com/Zn41cG9Ji0
— BitKE (@BitcoinKE) January 11, 2024
In comparison, gold ETFs took nearly five years to achieve similar growth, showcasing substantial investor interest in Bitcoin ETFs.
Following a 3-day streak of negative net outflows, Bitcoin ETF inflows began to surge on October 11 2024, marking a turning point with over $253 million in cumulative net inflows. This initiated a 4-day winning streak for the ETFs, culminating in the acquisition of more than $458 million in Bitcoin on October 16 2024, according to Farside Investors data.
Thanks to these continued inflows, Bitcoin ETFs now hold over $65.4 billion in cumulative on-chain Bitcoin assets, representing approximately 4.9% of the current circulating supply, as reported by Dune data.
Recall that in February 2024, less than one month of trading, Bitcoin ETFs collectively held nearly 1% of Bitcoin’s total supply.
As reported by BitKE, the 9 newly launched ETFs had accumulated a total of 203,811 bitcoins, equivalent to $9.5 billion as of February 8 2024.
MILESTONE | Bitcoin ETFs Collectively Hold Nearly 1% of Bitcoin’s Total Supply as of February 2024
In less than a month of trading, the nine newly established spot Bitcoin exchange-traded funds (ETFs) collectively hold over 200,000 BTC in assets under management. This figure… pic.twitter.com/ILmUOWmMba
— BitKE (@BitcoinKE) February 12, 2024
Looking ahead, some analysts are optimistic about a potential Bitcoin rally, projecting a rise over the next three months. This forecast is based on historical patterns and Bitcoin’s average monthly returns during the fourth quarter. Historically, during Bitcoin halving years like 2024, BTC has experienced a notable rally in the months following September’s downturn.
- In October, Bitcoin has averaged a return of 21.47%, with
- November traditionally being the strongest month at 46.8%
- December has seen a more modest average return of 5.4%.
In the previous halving year of 2020, Bitcoin surged over 27% in October 2020 and more than 42% in November 2020, leading to a six-month rally that extended into March 2021.
[TECH] Bitcoin Breaks Yet Another Milestone Above $24, 000 – How Institutions are Investing in Bitcoin: Bitcoin broke yet another major milestone over the weekend when it reached $24, 085 for the first tim.. https://t.co/vHzJBbDHY8 via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) December 20, 2020
As we approach the end of the year [2024], all eyes will be on Bitcoin and its ETFs to see if historical trends will repeat.
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