Bitcoin ETF inflows surpass $3b in October, demand hits six-month high

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

Over the past week, inflows into the 12 spot Bitcoin ($BTC) exchange-traded funds pproached $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 Oct. 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 strong inflows into the investment products over the past two weeks, the 12 Bitcoin ETFs have now surpassed over $3.07 billion in inflows in October.

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

The week’s final trading day reached a peak of $402 million in inflows, according to SoSoValue data.

None of the funds recorded outflows on Friday, Oct. 25, with BlackRock’s IBIT leading the lot once again. See below.

• 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.
• 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 has hit six-month high

On Oct. 25, Ki Young Ju, founder and CEO of CryptoQuant, noted in an X post 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 mostly being driven by retail investors as an earlier post from Ju suggests large investors accounted for approximately 20% of all U.S.-traded spot Bitcoin ETFs.

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 Oct. 24 X 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. See below.

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