U.S. spot Bitcoin Exchange-Traded Funds (ETFs), which are traded on the stock exchange, saw an impressive $676.67 million inflows Tuesday. This is nearly double Monday’s amount of $353.67 millions.
data obtained from SoSoValue shows that the total number of BTC held has now surpassed one million BTC.
Asset managers for these ETFs are currently in charge of $104.25 billion worth of net assets. This is roughly equivalent to 1 076,610 BTC, which is close to the 1.1 Million BTC that Satoshi Nakamoto, Bitcoin’s mysterious creator, believed to have owned.
BlackRock’s fund dominates inflows
BlackRock’s iShares Bitcoin Trust (IBIT) ETF dominated today’s capital inflows with $693.25 millions.
Fidelity’s Wise Origin Bitcoin Fund was next, with $52,17 million.
ARK 21Shares Bitcoin ETF ARKB (ARKB), despite the overall positive trend experienced outflows of $93.5 million on the same day.
Grayscale Bitcoin Trust ETF, on the other hand, reported no changes to its asset holdings, which remain at approximately $20.6 billion. IBIT, with its $48.5 billion, is a far cry from this.
The net inflows of $7.6 billion for Bitcoin ETFs in November were a record.
Market analysts attribute this surge to multiple factors, including shifting political dynamics.
The approval of regulatory bodies has also played an important role.
The U.S. Securities and Exchange Commission has given the green light to certain funds, creating a safer environment for investors who want to invest in Bitcoin ETFs. This will further boost adoption.
This trend is not limited only to Bitcoin.
Ethereum spot ETFs gained popularity on Tuesday as well, with $133 million of inflows according to Valentin Fournier at BRN, an expert in digital asset intelligence.
Bitcoin ETFs see $6.4 billion in inflows in November
Investors poured $6.4 billion in spot BTC ETFs during November , making it a record month for Bitcoin.
The spike in Bitcoin inflows coincided a month long rally which saw the price of Bitcoin soar by 45% and reach an all-time peak of $99,000.
Farside Investors’ data revealed that BlackRock iShares Bitcoin Trust ETF dominated inflows with $5.6 billion or almost 87%.
Grayscale’s Bitcoin Mini Trust, with $211.5 millions, and VanEck Bitcoin, at $71.2million, were also major contributors.
Bitcoin’s record high price was driven by a strong market sentiment. The Bitcoin price rose from $68,000 to the beginning of November, a record high.
Analysts are confident that the constant inflow of money from institutional and retail investors, will continue to sustain the rally. Bitcoin is entering a crucial price discovery phase.
Despite the inflows some ETFs experienced significant outflows totaling $411 millions.
Grayscale Bitcoin Trust ETF was the biggest loser, with outflows of $364 million. Bitwise Bitcoin ETF came in second at $40.4 and Valkyrie Bitcoin Fund third at $6.8.
