US Bitcoin ETFs now hold 1 million Bitcoin worth $96 billion

US-traded spot Bitcoin (BTC) exchange-traded funds (ETF) collectively hold approximately 1.07 million BTC as of Nov. 14, worth nearly $96 billion at current prices.

Bloomberg ETF analyst James Seyffart highlighted that the ETFs might soon surpass Bitcoin’s pseudonymous creator Satoshi Nakamoto’s stash, estimated at 1.1 million BTC.

Moreover, Bloomberg senior ETF analyst Eric Balchunas pointed out that BlackRock’s iShares Bitcoin Trust (IBIT) surpassed $40 billion in assets under management (AUM) in 211 days, placing it among the top 1% of all ETFs.

Balchunas added that IBIT surpassed the threshold 6x faster than the 1,253 days it took for the previous record holder, the iShares Core MSCI Emerging Markets ETF (IEMG).

Over $2 billion

Based on Farside Investors data, US-traded spot Bitcoin ETFs have recorded roughly $2.4 billion in inflows so far this week. IBIT led the pack with nearly $1.8 billion in inflows, equivalent to almost 73% of the total.

The inflow amount is already higher than last week’s $1.6 billion, assuming no significant outflows hit the Bitcoin ETFs this week.

A recent Glassnode report highlighted a broad shift in investors’ behavior, consisting of a preference for spot-driven exposure to Bitcoin through ETFs instead of futures contracts.

The report based its analysis on the perpetual futures market premium peak on Nov. 12 remaining below March levels, which indicates that spot buying pressure is the main catalyst behind Bitcoin’s current rally to new highs.