Spot Bitcoin exchange-traded fund (ETF) inflows surged over 580% this week, highlighting significant interest from investors. Analysts note that whales are accumulating Bitcoin at a rate reminiscent of the lead-up to the 2020 rally.

Record-Breaking Inflows into Bitcoin ETFs

Over the past week, inflows into 12 spot Bitcoin ETFs reached $2.13 billion, following six consecutive days of positive inflows. This marks the first time weekly inflows into Bitcoin ETFs have exceeded the $2 billion mark since March 2024.

Total net inflows across Bitcoin ETFs have hit a record $20.94 billion. This milestone, which took gold ETFs years to achieve, was reached by Bitcoin products in less than a year.

Weekly inflows peaked on Oct. 14, with $555.86 million flowing into the ETFs. However, by Oct. 18, the pace had slowed to $273.71 million.

Top Performing Bitcoin ETFs

None of the funds saw negative flows on the last trading day. Leading the pack were:

  • ARK 21Shares’ ARKB: $109.86 million, 7-day inflow streak.
  • BlackRock’s IBIT: $70.41 million, 5-day inflow streak.
  • Bitwise’s BITB: $35.96 million.
  • VanEck’s HODL: $23.34 million.
  • Fidelity’s FBTC: $18.0 million, 6-day inflow streak.
  • Invesco’s BTCO: $16.11 million.

Meanwhile, Franklin Templeton’s EZBC, Wisdom Tree’s BTCW, Grayscale’s GBTC and BTC, and Hashdex’s DEFI saw no inflows.

Whale Accumulation Intensifies

This week’s inflows into Bitcoin products signal strong demand among retail and institutional investors. An interesting accumulation pattern has been noted among whales.

On X, CryptoQuant author Woominkyu highlighted that the Bitcoin whale ratio on spot exchanges resembles the period right after the COVID crash in July 2020. This pattern suggests that whales might be preparing for another long-term price surge.

A similar accumulation pattern was observed among newer whales. CryptoQuant CEO Ki-Young Ju reported that new whale wallets with an average coin age of under 155 days have reached a new high of 1.97 million BTC. These wallets now hold 1.97 million Bitcoin, with each wallet containing over 1,000 BTC. Their BTC balance has surged 813% year-to-date, accounting for 9.3% of the total supply, valued at $132 billion.

Market Implications

Whales, often considered “smart money,” tend to buy during market dips and hold through fluctuations. Their strategic timing and deep pockets allow them to make significant market moves, often indicating where the market may head next.

The increase in whale accumulation has sparked hopes of a forthcoming rally. Several market analysts predict that Bitcoin could reach a new all-time high soon, possibly buoyed by the upcoming U.S. presidential elections.

Pseudonymous trader Crypto Raven mentioned that the increasing odds for Republican candidate Donald Trump winning the November elections could push BTC to new highs. As Raven put it, “if everything goes smoothly, we could aim for the moon.”

Bitwise CIO Matt Hougan is also bullish, predicting that Bitcoin will hit six figures. This projection is driven not only by the upcoming elections but also by a surge in institutional demand and other macroeconomic factors.

At press time, Bitcoin was trading at $68,280, up 8.5% over the past week.

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