Spot Bitcoin exchange-traded funds (ETFs) saw a 580% surge in inflows this week, as analysts highlighted a trend of whales accumulating Bitcoin at a rate similar to the lead-up to the 2020 rally.
Over the past week, inflows into 12 spot Bitcoin ETFs reached $2.13 billion, marking six consecutive days of positive growth. This is the first time weekly inflows have exceeded the $2 billion mark since March 2024. The total net inflows into Bitcoin ETFs have now hit a record $20.94 billion, a milestone that took gold ETFs years to achieve. In contrast, Bitcoin products reached this in under a year.
ETF Inflows Breakdown
On October 14, the weekly inflows peaked at $555.86 million, although this pace slowed to $273.71 million by October 18. None of the funds reported negative flows on the last trading day. The largest inflows were recorded by:
- ARK 21Shares (ARKB): $109.86 million (7-day inflow streak)
- BlackRock (IBIT): $70.41 million (5-day inflow streak)
- Bitwise (BITB): $35.96 million
- VanEck (HODL): $23.34 million
- Fidelity (FBTC): $18.0 million (6-day inflow streak)
- Invesco (BTCO): $16.11 million
Other ETFs from Franklin Templeton (EZBC), WisdomTree (BTCW), Grayscale (GBTC), and Hashdex (DEFI) reported no flows.
Whale Accumulation Mirroring 2020 Patterns
The significant inflows signal strong demand from both retail and institutional investors. At the same time, an accumulation pattern has been observed among Bitcoin whales. CryptoQuant analyst Woominkyu noted that the whale ratio on spot exchanges resembles that of July 2020, right after the COVID-19 crash, a period that saw a major Bitcoin rally.
Further analysis from CryptoQuant CEO Ki-Young Ju revealed that new whale wallets, with an average coin age of less than 155 days, reached a new high of 1.97 million BTC. Whales, often referred to as “smart money,” strategically buy during dips and hold long-term, signaling a possible upcoming price surge.
Upcoming U.S. Presidential Elections and Bitcoin Price
Several analysts predict Bitcoin will reach a new all-time high, with the upcoming U.S. presidential elections potentially acting as a catalyst. Crypto Raven, a pseudonymous trader, suggested that the increasing odds of a Donald Trump win in November could push Bitcoin to new heights, saying, “If everything goes smoothly, we could aim for the moon.”
On a bullish note, Bitwise CIO Matt Hougan predicts that Bitcoin could hit six figures, driven by increased institutional demand and macroeconomic factors.
At press time, Bitcoin was trading at $68,280, up 8.5% over the past week.
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