Bitcoin Overtakes Silver Amid Record ETF Inflows and New ATH
U.S. spot Bitcoin ETFs record back-to-back billion-dollar inflow days for the first time, fueling Bitcoin’s ascent past $118,000 and a $2.34 trillion market cap.
Bitcoin continues its unprecedented rise, driven by an explosion of institutional interest and massive inflows into U.S. spot Bitcoin ETFs. For the first time since their launch in January 2024, these ETFs saw consecutive days of over $1 billion in inflows, marking a pivotal moment for both the funds and the broader crypto market.
According to data from Farside Investors, U.S.-based spot Bitcoin ETFs amassed $1.03 billion in inflows on Friday, July 11, following a $1.17 billion surge on Thursday—the second-largest single-day inflow since the products debuted. The surge in demand has sent Bitcoin to fresh all-time highs, now exceeding $118,000 and pushing its market capitalization to $2.34 trillion, surpassing silver to become the sixth-largest asset globally.
BlackRock’s IBIT Leads the Charge
Of the eleven spot Bitcoin ETFs trading in the U.S., BlackRock’s iShares Bitcoin Trust (IBIT) continues to dominate inflows. The fund attracted $953 million on Friday alone, bringing its assets under management to over $80 billion.
ETF analyst Eric Balchunas noted that IBIT reached this milestone in just 374 days, calling it the “fastest ETF” to do so. For comparison, traditional ETFs like BlackRock’s own iShares Core S&P 500 ETF took significantly longer to hit the same AUM levels. In fact, IBIT now generates more revenue for BlackRock than its flagship equity product.
Meanwhile, total assets across all U.S. spot Bitcoin ETFs have now exceeded $140 billion, a record that reflects surging investor interest amid the ongoing bull run.
Demand Dwarfs Bitcoin Supply
The volume of Bitcoin bought through ETFs is significantly outpacing new supply generated by mining. On Thursday alone, while the Bitcoin network mined roughly 450 BTC, ETFs accumulated around 10,000 BTC, according to Bitwise CIO Matt Hougan.
Blockchain firm Jan3 highlighted that ETF demand on Wednesday was 22 times greater than the daily mined supply, raising concerns about long-term sustainability at current price levels. Samson Mow, CEO of Jan3, warned that such high demand may not persist unless prices adjust further.
Over the past five trading days, Bitcoin ETFs have pulled in a staggering $2.72 billion in inflows, indicating that the appetite for Bitcoin exposure among institutions remains robust despite soaring prices.
Bitcoin Breaks Into Top Global Assets
Bitcoin’s relentless price surge has catapulted it past silver’s $2.16 trillion market cap, making it the sixth-largest asset in the world, according to Companies Market Cap data. With a valuation of $2.34 trillion, Bitcoin is now nipping at the heels of Amazon, which holds a $2.37 trillion market cap.
Here’s how Bitcoin stacks up against other top assets:
- Gold: $22.6 trillion
- Microsoft: ~$3.5 trillion
- Apple: ~$3.4 trillion
- NVIDIA: ~$3.1 trillion
- Amazon: $2.37 trillion
- Bitcoin: $2.34 trillion
Trailing behind are Meta and Google, with valuations of $1.79 trillion and $1.15 trillion, respectively.
The rally is largely attributed to rising institutional demand, with Mercuryo CEO Petr Kozyakov noting that Bitcoin’s appeal as a store of value continues to strengthen, especially alongside Ethereum, which recently surpassed $3,000.
Corporate Treasuries Join the Bitcoin Bandwagon
The surge in ETF demand is mirrored by a growing trend of corporate treasury allocations to Bitcoin. Japanese public company Metaplanet has emerged as the fifth-largest corporate Bitcoin holder, following a $238 million BTC acquisition that brings its total holdings to over 15,500 BTC.
Other notable corporate purchases this week include:
- The Blockchain Group (France): $12.6 million worth of BTC
- Smarter Web Company (UK): $24.3 million worth of BTC
In a significant move for the Ethereum ecosystem, Sharplink Gaming acquired 10,000 ETH directly from the Ethereum Foundation in a $25.7 million on-chain deal. This makes Sharplink the second-largest corporate holder of Ethereum, signaling broader interest in digital assets beyond Bitcoin.
Growing Momentum for Altcoin ETFs
The recent momentum in Bitcoin ETFs is boosting expectations for broader crypto ETF offerings. Bloomberg analysts have now placed 95% odds on the SEC approving spot ETFs for Solana, XRP, and Litecoin in 2025, up from their previous estimate of 90%.
Such approval would mark a significant expansion of institutional access to altcoins, potentially unleashing another wave of inflows into the crypto market.
With institutional capital pouring into ETFs and corporate balance sheets, Bitcoin’s status as a mainstream financial asset is becoming undeniable. The current wave of inflows, unprecedented in scale and speed, suggests a structural shift in investor behavior—one that could reshape the digital asset landscape for years to come. As ETFs chase scarce Bitcoin supply and prices climb, all eyes remain on how long this meteoric momentum can last.