The post Spot Bitcoin ETF AUM surpasses 1 million Bitcoin after $890 million inflow appeared on BitcoinEthereumNews.com.

According to K33 Research, the combined on-chain assets under management (AUM) of all spot Bitcoin ETFs have surpassed 1 million Bitcoin. This milestone indicates growing investor confidence in the digital asset. Spot bitcoin AUM (Source: K33 Research) CryptoSlate has corroborated the data through Coinglass and CryptoQuant data, which indicate that the AUM stood at 995,000 BTC before yesterday’s massive inflow of over 10,000 BTC. However, numbers across different data providers are surprisingly inconsistent, potentially due to the omission by some of Grayscale’s mini-BTC fund. To push the funds over the landmark, spot Bitcoin ETFs recorded total inflows of $893.3 million on Oct. 30, with the iShares Bitcoin Trust (IBIT) leading at $872 million. Other ETFs like Invesco’s BTCO and Valkyrie’s BRRR contributed $7.2 million and $6.1 million, respectively, while Bitwise’s BITB saw an outflow of $23.9 million, according to Farside Investors. These inflows followed Bitcoin’s price reaching $73,500 on Oct. 29, just shy of its all-time high of $73,700. The substantial inflows into IBIT suggest that traditional investment vehicles are becoming a preferred method for many US investors to gain exposure to Bitcoin. Analyst Liam ‘Akiba’ Wright Editor-in-Chief at CryptoSlate Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading…

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Filed under: News - @ October 31, 2024 9:22 am