Bitcoin ETF Hits $72.55 Billion, Surpassing 5% Market Cap

The total net assets of spot Bitcoin ETFs have reached a historic milestone, now valued at $72.55 billion. 

This figure represents 5.07% of Bitcoin’s overall market value, marking the first time Bitcoin ETFs have captured more than 5% of the token’s total market cap.

Bitcoin ETFs Continue to See Record Inflows 

On October 29, net inflows into Bitcoin ETFs totaled $870 million, the third-largest daily influx recorded, according to data from SoSo Value. BlackRock’s IBIT fund contributed significantly with a $643 million inflow. 

Historically, the largest single-day inflow was $1.05 billion on March 12, followed by $887 million on June 4. So far, October has registered a cumulative $4.42 billion in net inflows, making it the most substantial month since March.

BlackRock has also been buying BTC at an unprecedented pace, potentially to accommodate the growing demand for its Bitcoin ETF. The firm currently holds 417,093 BTC, becoming the third-largest Bitcoin holder. 

BlackRock is only led by Binance and Satoshi Nakamoto. However, at the current pace, it could become the largest holder within months. 

“Ok we gonna need to move up our predictions as yest alone the btc ETFs gobbled up over 12k coins like Pac-Man on a bender, now hold 996k btc- good chance to pass 1 million today (as the ridic volume yest likely to translate to big flows tonight). Legit shot to get to Satoshi by end of Nov,” Bloomberg ETF analyst Eric Balchunas wrote in an X (formerly Twitter) post.

Bitcoin is trading around $72,000 after briefly touching $73,500 yesterday. However, short-lived sell-offs have prevented it from reaching a new all-time high.

MicroStrategy (MSTR) stock has surged alongside Bitcoin’s recent price rally, reaching a peak of $260 per share this week. The stock has gained 125% in September and is up 470% since the start of the year.

Riot Platforms (RIOT), another Bitcoin mining firm, has seen its stock surge over 43% this month, following the substantial inflows in Bitcoin ETFs. 

Additionally, VanEck’s Head of Digital Asset Research, Matthew Sigel, offered a bold forecast, suggesting that Bitcoin could reach $3 million under VanEck’s proprietary prediction model, especially as the upcoming election cycle unfolds.

In other developments, the Kingdom of Bhutan recently transferred $65.66 million in Bitcoin to Binance, likely signaling a sale, while maintaining its government-operated mining ventures.