Inflows into U.S. spot Bitcoin ETFs saw a significant surge on December 3rd, with a remarkable 90% increase compared to the previous day. This surge brought the total holdings of these ETFs closer to matching the legendary Bitcoin stash attributed to the mysterious founder, Satoshi Nakamoto.
Data from SoSoValue revealed that the 12 spot Bitcoin ETFs collectively received $675.97 million in inflows on that day, nearly doubling the $353.67 million recorded the day before. This influx marked four consecutive days of net inflows, totaling over $1.45 billion in that timeframe.
Leading the pack for the third day in a row was BlackRock’s IBIT, with $693.25 million in inflows. BlackRock’s Bitcoin ETF recently crossed the 500,000 BTC mark in its holdings, constituting 2.38% of Bitcoin’s total supply. Since its launch less than a year ago, IBIT is now approaching $50 billion in assets under management, solidifying its position as one of the top three ETF launches in 2024.
Following closely behind, Fidelity’s FBTC recorded inflows of $52.17 million on the same day, while VanEck’s HODL and Bitwise’s BITB attracted $16.21 million and $7.8 million, respectively. However, ARK and 21Shares’ ARKB was the only fund to report outflows, losing $93.47 million on that day.
Despite the strong inflows, the total trading volume for these ETFs witnessed a decline to $2.93 billion, down from the previous day’s $3.91 billion.
Approaching a historic milestone, U.S. spot Bitcoin ETFs are on the verge of surpassing Satoshi Nakamoto’s fabled Bitcoin holdings. With a collective total of 1.083 million BTC under management, these ETFs require an additional 13,000 BTC (approximately $1.23 billion) to exceed Satoshi’s holdings of 1.096 million BTC, which represents 5.22% of the total supply cap. This year has already seen ETFs surpass major corporate holders like MicroStrategy.
Despite the significant inflows into ETFs, Bitcoin’s price remained relatively flat, hovering around $96,547 at the time of writing, with a modest 1.1% increase over the past 24 hours. This stagnant price movement indicates that while institutional interest in Bitcoin is on the rise, the market is cautious as investors await catalysts to propel the asset beyond the highly anticipated $100,000 milestone.