According to ETF analyst Nate Geraci, Bitcoin exchange-traded funds (ETFs) are now approaching 1 million Bitcoins in total holdings.
Collectively, they control roughly 5% of the total supply of the flagship cryptocurrency.
Last week, Bitcoin ETFs recorded a total of $988 million worth of inflows.
BlackRock’s record-shattering IBIT saw $1.15 billion worth of inflows in just a single week.
For comparison, spot Ether ETFs attracted only a small portion of these inflows ($78.89 million). These products continue to suffer from rather tepid investor interest.
On Oct. 25, IBIT attracted a staggering $291 million worth of fresh money.
These positive ETF flows have coincided with Bitcoin’s impressive price recovery. The flagship cryptocurrency is currently changing hands at $68,384, according to CoinGecko data.
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According to data provided by SoSoValue, BlackRock’s IBIT has now approached $24 billion. It is already the best-performing ETF in terms of inflows among all the ETFs launched over the past four years.
Grayscale’s GBTC and Fidelity’s FBTC come in second and third places with $14.72 billion and $12.42 billion, respectively.
Ark Invest’s ARKB and Bitwise’s BITB are also in the top 5 with $2.65 billion and $2.28 billion, respectively.
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As reported by U.Today, analyst Eric Balchunas predicted that Bitcoin ETFs could end up collectively surpassing Satoshi Nakamoto, the crater of the original cryptocurrency, as the biggest holder of BTC by Christmas.
Notably, according to recent data, the lion’s share of Bitcoin ETF demand comes from retail investors.