Bitcoin has been making waves in the financial world, with the combined on-chain assets under management (AUM) of all spot Bitcoin ETFs surpassing 1 million Bitcoin. This significant milestone is a clear indication of the growing confidence that investors have in the digital asset.
According to K33 Research, the AUM of spot Bitcoin ETFs reached over 1 million Bitcoin after a massive inflow of $890 million. This data has been confirmed by CryptoSlate through Coinglass and CryptoQuant data, although there have been inconsistencies in the numbers provided by different data providers. These discrepancies could be attributed to the omission of Grayscale’s mini-BTC fund.
The substantial inflows of funds into spot Bitcoin ETFs were recorded on Oct. 30, with the iShares Bitcoin Trust (IBIT) leading the pack with $872 million. Other ETFs such as Invesco’s BTCO and Valkyrie’s BRRR also saw inflows of $7.2 million and $6.1 million, respectively. However, Bitwise’s BITB experienced an outflow of $23.9 million during this period, according to Farside Investors.
These inflows came on the heels of Bitcoin’s price reaching $73,500 on Oct. 29, coming close to its all-time high of $73,700. The significant interest in IBIT indicates that traditional investment vehicles are becoming increasingly popular among US investors looking to gain exposure to Bitcoin.
This latest development in the world of Bitcoin highlights the growing acceptance and adoption of digital assets in mainstream finance. As more investors flock to Bitcoin ETFs, it is clear that the cryptocurrency market is maturing and gaining legitimacy in the eyes of traditional financial institutions. This trend is expected to continue as Bitcoin continues to break new ground and attract more interest from investors around the world.
