On Tuesday, December 3, US spot Bitcoin ETF inflows recorded a 90% increase in comparison with the past day’s inflows.
Yesterday’s incomings mean that the total US Bitcoin ETF holdings are now getting closer to equalling that of Satoshi Nakamoto, the founder of Bitcoin.
Blackrock’s iBIT Continues To Blaze The Trail
Data from SoSoValue shows that inflows into the dozen US spot Bitcoin ETFs on Tuesday stood at $675.97 million, almost twice the previous day’s $353.67 million inflows. It is now the fourth consecutive day the ETFs have recorded net inflows.
Total inflows for those four days stand at $1.45 billion, with Blackrock iBIT $693.25 million inflows leading the other ETFs. Of the last four days, iBIT has been the top-earning ETF for three consecutive days.
Last week, the BlackRock iBIT recorded yet another remarkable achievement when its Bitcoin holdings surpassed the 500,000 ($48 billion) mark. Its total BTC holdings now constitute 2.38% of the total available supply of the world’s leading cryptocurrency.
Additionally, with its assets under management approaching $50 billion, iBIT now ranks among the three leading ETFs.
BTC Republic has many reports on BlackRock, including one about the company’s CEO describing BTC as a legitimate financial instrument.
The same Tuesday, inflows to Fidelity’s FBTC was $52.17 million, that of VanEck’s HODL stood at $16.21 million, while Bitwise’s BITB recorded an inflow of $7.8 million.
Even with the remarkable inflows, there was a notable decline in the aggregate trading volume of the dozen ETFs. Altogether, the total trading volume fell from $3.91 billion on Monday to $2.93 billion on Tuesday.
However, it was not all inflows for the Bitcoin ETFs on Tuesday as one of them – ARK and 21Shares’ ARKB saw an outflow of $93.47.
Satoshi’s Stash About To Be Overtaken
With their recent inflows, the US spot Bitcoin ETFs have now accumulated 1.083 million Bitcoins under management.
They are now gradually within reach of the 1.096 million BTC estimated to be held by the mysterious Satoshi Nakamoto, Bitcoin’s founder. Satoshi’s holdings make up 5.22% of the coin’s fixed total supply.
All that is now required by the ETFs to overtake the Bitcoin creator is a further 13,000 Bitcoins (roughly $1.23 billion in today’s market price).
The rapidly expanding ETFs have also overtaken notable corporate HODlers of Bitcoin, such as MicroStrategy, which they overtook earlier this year.
An earlier BTC Republic report has more information on MicroStragy’s latest Bitcoin acquisition.
However, as Bitcoin ETF inflows surged, Bitcoin prices have been somewhat stable within the last 24 hours, increasing by just 1.1% to settle at 96,547.
Thus, the $100,000 mark that has been anticipated in many quarters still remains an illusion, though few will bet against it happening sooner rather than later.
The sideways trading is an indication that despite the increasing institutional interest Bitcoin enjoys, there is still some caution in the broader market, especially from investors hoping that bullish forces further hike the asset’s price to unprecedented levels.
