Spot Bitcoin (BTC) exchange-traded funds have witnessed more than $19.3 billion of net inflows this year, according to Eric Balchunas, a Bloomberg ETF analyst.
Balchunas tells his 319,100 followers on the social media platform X that the number is “surprisingly strong” and argues that it is the most important bellwether of success given Grayscale’s GBTC unlock and net price movement.
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Source: Eric Balchunas/XBalchunas also notes US ETFs are on pace to pace Satoshi Nakamoto, Bitcoin’s pseudonymous creator, as the top holders of BTC.
“BlackRock alone is already #3 and on pace to be #1 late next year, and will likely stay there for a very long time.”
Source: Eric Balchunas/XThe Bloomberg analyst also argues that ETF holders offer the top crypto asset some stability in the face of volatility.
“So IBIT investors woke up on Monday to a -14 move over the weekend after stomaching an 8 decline the week prior and what did they do? ABSOLUTELY NOTHING. $0 flows. Compared to some of these degens these boomers are like the Rock of Gibraltar. You guys are so lucky to have them.”
Source: Eric Balchunas/XIBIT is BlackRock’s iShares Bitcoin Trust.
BTC is trading at $60,719 at time of writing. The top-ranked crypto asset by market cap is up more than 1.5 in the past 24 hours and more than 8 in the past week.
