Key Points
- Bitcoin ETFs’ total net assets have surpassed $100 billion, with total net flows for this week reaching a record $2.89 billion.
- Bitcoin’s trading volume for the “Bitcoin Industrial Complex” has hit a new record high, contributing to the market’s bullish sentiment.
Bitcoin ETFs have achieved a significant milestone, with Assets Under Management (AUM) exceeding $100 billion.
This week’s total net inflows have also set a record, reaching $2.89 billion. The total net inflows have reached $30.35 billion.
Bitcoin ETFs Nearing Satoshi Nakamoto’s Holdings
Eric Balchunas, a senior ETF analyst at Bloomberg, noted that Bitcoin ETFs are now 97% of the way to surpassing Satoshi Nakamoto as the largest Bitcoin holder and are 82% closer to overtaking gold ETFs.
Data from SoSo Value indicates that this significant milestone was preceded by substantial inflows throughout the week. On November 20, 2024, inflows surged to $796 million, while the total net assets surpassed the $100 billion mark.
The largest contributor was IBIT, holding nearly half of the total assets at $47.92 billion and accounting for $608 million in inflows.
Bitcoin Nears $100,000
As Bitcoin ETFs continue to grow, Bitcoin itself is nearing a valuation of $100,000. At press time, Bitcoin was trading at $99,057, reflecting a 1.98% daily increase.
Benjamin Cowen, CEO of Into The Cryptoverse, drew parallels between Bitcoin’s trajectory and the QQQ’s 1999 launch, which surged from $48-$49 to $120 in 54 weeks, despite brief pullbacks.
Adding to Bitcoin’s momentum, Balchunas highlighted another win for the cryptocurrency as the trading volume for the “Bitcoin Industrial Complex” hit a new record high, with $50 billion coming from MicroStrategy (MSTR) and related products.
With Bitcoin ETFs breaking records and Bitcoin nearing $100,000, the market’s bullish sentiment continues to soar.
