October marked a significant month for U.S. spot Bitcoin ETFs, with over $3 billion in net inflows as demand reached its highest level in six months.

Surge in Bitcoin ETF Inflows

Over the past week, inflows into the 12 spot Bitcoin exchange-traded funds (ETFs) approached $1 billion, with four days of positive flows recorded during this period. The majority of these inflows originated from BlackRock’s IBIT, the largest ETF by net assets, which is nearing $24 billion in total inflows since its launch.

Despite strong inflows in the past week, the prior week proved even more bullish for U.S. spot Bitcoin ETFs. Starting with $555.86 million on October 14, the funds experienced a five-day streak of inflows totaling over $2.13 billion. This marked the first time weekly inflows into Bitcoin ETFs have exceeded $2 billion since March 2024.

Following the substantial inflows over the past two weeks, the 12 Bitcoin ETFs have now surpassed $3.07 billion in inflows for October.

Weekly Inflows Breakdown

Weekly inflows started strong on October 21, with $294.29 million entering the funds, kicking off a seven-day inflow streak. Following a brief outflow of $79.09 million on October 22, inflows resumed, with three consecutive positive days ending on October 25.

The week’s final trading day reached a peak of $402 million in inflows, according to data from SoSoValue. Notably, none of the funds recorded outflows on Friday, October 25, with BlackRock’s IBIT leading the lot once again.

Top Inflows by Fund

  • BlackRock’s IBIT: $291.96 million, 10-day inflow streak
  • Fidelity’s FBTC: $56.95 million
  • ARK 21Shares’s ARKB: $33.37 million
  • VanEck’s HODL: $11.34 million
  • Grayscale Bitcoin Mini Trust: $5.92 million
  • Bitwise’s BITB: $2.55 million

Meanwhile, Valkyrie’s BRRR, Invesco’s BTCO, Franklin Templeton’s EZBC, WisdomTree’s BTCW, Grayscale’s GBTC, and Hashdex’s DEFI saw zero flows.

Bitcoin ETF Demand Hits Six-Month High

On October 25, Ki Young Ju, founder and CEO of CryptoQuant, noted that the 30-day momentum indicator for spot Bitcoin ETF demand has reached a six-month high, levels last seen around the Bitcoin halving in April.

Further, net flows into these products also reached 65,962 BTC in the last 30 days, Ju added.

The demand is primarily driven by retail investors. An earlier post from Ju suggests large investors accounted for approximately 20% of all U.S.-traded spot Bitcoin ETFs.

Institutional ownership of U.S. spot Bitcoin ETFs is around 20%, with asset managers holding 193K BTC (per Form 13F filings).

Nevertheless, the uptick in demand could soon see the total Bitcoin held in the 12 offerings surpass 1 million Bitcoin, according to Bloomberg analyst Eric Balchunas.

In an October 24 post, the analyst highlighted that these holdings are already 87% of the way to exceeding the amount held by Bitcoin’s anonymous creator, Satoshi Nakamoto, whose wallet holds 1.1 million Bitcoin.

At press time, Bitcoin was down 1.3%, exchanging hands at $67,007, while its market cap stood at $1.32 billion.

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