As of late October, Bitcoin Exchange-Traded Funds (ETFs) have amassed more than 1 million BTC, valued at over $72 billion, underscoring the robust demand for these investment vehicles in 2024. CoinGlass data reveals that inflows on October 30 alone reached $896 million, marking the second-largest single-day inflow since the launch of Bitcoin ETFs in January.
A Record Year for Bitcoin ETFs
The approval of Bitcoin ETFs in January marked a historic step for the cryptocurrency market, broadening access to institutional investors. Throughout 2024, these ETFs have attracted inflows exceeding $23 billion. Leading the way is BlackRock’s IBIT, which has officially surpassed the 1 million BTC threshold in assets under management. With a 14% rise in Bitcoin’s price over the last month, Bitcoin ETFs have benefitted from an “Uptober” rally that has kept the cryptocurrency trading above $70,000.
October’s Surge and Bitcoin’s Growing Institutional Appeal
October has traditionally been an optimistic month for Bitcoin, and 2024 proved no exception. Strong investor sentiment, combined with Bitcoin’s climb to $71,588, has contributed to record-breaking ETF inflows. This trend reflects a broader institutional adoption of digital assets, as the leading cryptocurrency’s value approaches its March record high of $73,000.
A Milestone for Bitcoin and Its Legacy
The rise in Bitcoin ETF investments coincides with the 16th anniversary of the Bitcoin White Paper. Originally published by Satoshi Nakamoto in 2008, the white paper introduced Bitcoin’s decentralized framework, setting the foundation for today’s digital asset landscape. The latest ETF milestones serve as a testament to Bitcoin’s lasting impact on global finance, attracting new investors and reinforcing its growing role in institutional portfolios.
