US Spot Bitcoin ETFs Amass 45,000 BTC in October, Nearing 1M BTC Threshold

Spot Bitcoin exchange-traded funds (ETFs) are experiencing one of their strongest months since launching in January 2024, with inflows surpassing $3 billion so far in October.

Spot Bitcoin exchange-traded funds (ETFs) had one of their strongest months yet, with inflows crossing the $3 billion mark.

This demand saw ETF issuers buying up Bitcoin at a rate far outpacing the newly mined supply.

US Spot Bitcoin ETFs Accumulated 45,000 BTC in October

In the trading week of October 21-25, the 11 spot Bitcoin ETFs together purchased 15,194 BTC, which is almost five times the 3,150 BTC mined in that period, according to data from HODL15Capital. The inflows during this week alone amounted to about $1.83 billion, highlighting the strong demand that fueled ETF issuers' record levels of BTC acquisition.

“If you sold any Bitcoin today, this week, or this year, it’s been bought by the ETFs. Demand for U.S. Bitcoin ETFs outpaces new supply by a land mile, yet weak hands willingly sell their BTC day after day, week after week,” HODL15Capital noted.

Since the beginning of October, these issuers have collectively purchased 45,557 BTC, marking the fourth-highest month for BTC acquisitions since spot ETFs were approved on January 10, 2024.

Meanwhile, the aggressive buying spree brought ETF issuers' combined BTC holdings closer to the one million BTC milestone. As of October 25, the Bitcoin ETF issuers together held 977,122 BTC — only 22,878 BTC away from the million-BTC threshold. BlackRock has the largest BTC stash, holding about 403,714 BTC, which is nearly 2% of Bitcoin’s total supply.

Interestingly, at the current rate of accumulation, the combined holdings of the ETFs could soon outstrip that of Satoshi Nakamoto, the pseudonymous creator of the apex asset.

“Not yet 10 months old and the ETFs are 97% of the way to holding 1 million BTC, and 87% of the way to passing Satoshi as biggest,” Bloomberg ETF analyist Eric Balchunas noted.

Market observers have highlighted that as the ETF issuers now hold a significant portion of BTC's supply, their clout over the market liquidity and price stability is bound to amplify.

In fact, as the ETFs continue to accumulate the apex asset, there could be a heightened risk of volatility during periods of high inflows or outflows, especially given BTC’s relatively fixed supply. Analysts caution that such concentration could amplify the price sensitivity to market dynamics.