US Bitcoin ETFs Acquired Five Times More BTC Than Weekly Miner Production
US Bitcoin ETFs Purchase Five Times More BTC Than Miners Produced in a Week
Source: BeInCrypto
Surge in Bitcoin ETF Inflows
Record Purchases
- In October 2024, US spot Bitcoin ETFs saw inflows exceeding $3 billion.
- ETF issuers purchased 15,194 BTC from October 21-25, nearly five times the 3,150 BTC mined during that week.
- The total Bitcoin acquired by ETFs this month reached 45,557 BTC, marking one of the strongest months since their launch in January 2024.
Impact on Bitcoin Holdings
Near Million-BTC Milestone
- Combined holdings of Bitcoin ETFs approached 1 million BTC as of October 25, 2024, with only 22,878 BTC needed to reach this threshold.
- BlackRock holds the largest reserve, approximately 403,714 BTC, equaling nearly 2% of Bitcoin’s total supply.
Market Influence Concerns
Price Sensitivity and Liquidity
- Analysts warn that the concentration of Bitcoin in ETFs could significantly affect market liquidity and price stability.
- Increased ETF demand may lead to higher volatility during inflow and outflow fluctuations, given Bitcoin's relatively fixed supply.
Future Projections
Potential to Surpass Satoshi Nakamoto
- Current ETF growth rates suggest they could surpass the holdings attributed to Bitcoin's creator, Satoshi Nakamoto, potentially within the next months.
- Bloomberg analysts note that ETFs are 97% of the way to holding 1 million BTC and 87% of the way to surpassing Nakamoto's holdings.
