 Bitcoin ETFs hit $20B milestone as price remains stuck in downtrend 
2024-10-17

Spot Bitcoin exchange-traded funds (ETFs) in the United States have reached a major milestone in net flows, even as Bitcoin’s price remains stuck in a seven-month downtrend.
US-based spot Bitcoin BTCUSD ETFs crossed $20 billion in total net flows on Oct. 17.
The $20 billion is the “most difficult metric to grow” for ETFs, according to Eric Balchunas, senior ETF analyst at Bloomberg, who wrote in an Oct. 17 X post:

Despite the continued ETF inflows, Bitcoin’s price has been unable to rise above $68,300 since June 2024. The world’s first cryptocurrency remains in a seven-month downtrend since March, Cointelegraph data shows.
It only took the US spot Bitcoin ETFs 10 months to cross the $20 billion net flow milestone, which suggests significant investor interest. In contrast, it took gold ETFs approximately five years to cross this milestone, according to Balchunas.