BlackRock Sees Highest Monthly ETF Inflow as US Bitcoin Holdings Surge

U.S. Bitcoin holdings are climbing, driven by increased demand for spot Bitcoin ETFs. BlackRock leads with the highest monthly inflow, totaling $184.4 million in September, signaling renewed interest in BTC exchange-traded products.

Bitcoin holdings in the United States are on the rise, with demand for Bitcoin exchange-traded funds (ETFs) being a significant driver. On September 26, CryptoQuant founder Ki Young Ju highlighted that America is regaining its dominance in BTC holdings, driven by increased demand for spot ETFs.

Ju’s analysis revealed that the U.S. reserve ratio for Bitcoin has been steadily climbing throughout the past year. However, it has not yet returned to the levels seen during Bitcoin’s all-time high in March 2024.

BlackRock Leads With Monthly Inflows

On September 25, BlackRock reported the highest monthly inflow for its IBIT Bitcoin ETF, with $184.4 million pouring into the fund. This marks a significant milestone for the world’s largest asset manager, highlighting the growing appeal of Bitcoin investment products in the U.S. market. Despite BlackRock’s success, other prominent funds experienced mixed results.

Fidelity’s FBTC and Ark’s ARKB ETFs saw outflows of $33.2 million and $47.4 million, respectively. Bitwise (BITB) recorded a small inflow of $2.1 million, while other major players, including Grayscale, reported no changes in their holdings.

Aggregate inflows across all spot Bitcoin ETFs have now reached nearly $18 billion since their launch in January 2024, according to preliminary data from Farside Investors.

Bitcoin ETF Demand Rebounds

After a few months of fluctuating demand, the market is seeing a resurgence in Bitcoin ETF interest. For the fifth consecutive trading day, investment products saw positive inflows, totaling $106 million on September 25.

ETF Store president Nate Geraci commented on the current trend, addressing previous claims that Bitcoin ETF demand was weakening:
“It’s strange to see conflicting reports. Some say flows are drying up, but the data shows a clear resurgence in demand for Bitcoin ETFs.”

BTC Price Outlook

Veteran trader Peter Brandt noted that Bitcoin continues to follow a pattern of lower highs and lower lows. He emphasized that breaking the resistance at July’s high of over $70,000 would be essential to alter this pattern and potentially drive Bitcoin higher.

As of writing, Bitcoin is trading at $63,520, down 1.1% on the day. The cryptocurrency has struggled to break past $64,500, a key resistance level it has tested multiple times in recent weeks. Nevertheless, it has found support at $62,850, bouncing off this level twice in the past few days.

Meanwhile, the broader cryptocurrency market has experienced a 2.1% decline in total capitalization, with altcoins facing a more challenging period over the last 24 hours.

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