US Spot Bitcoin exchange-traded funds (ETFs) have achieved a significant milestone in net flows, despite Bitcoin’s price remaining in a downtrend for the past seven months.
On October 17, US-based spot Bitcoin ETFs reached a total of $20 billion in net flows.
According to Eric Balchunas, a senior ETF analyst at Bloomberg, this $20 billion mark is the most challenging metric for ETFs to grow.
In an October 17 post, Balchunas wrote:
“Bitcoin ETFs have surpassed $20 billion in total net flows (the most important number and the most challenging metric to grow in the world of ETFs) for the first time after a significant week of $1.5 billion.”
However, even with the continued influx of ETFs, Bitcoin’s price has not risen above $68,300 since June.
