Bitcoin ETFs Record Second-Highest Weekly Inflows, But Michael Saylor Pauses BTC Buying
US spot Bitcoin ETFs (exchange-traded funds) recorded their second-highest weekly inflows ever last week, but Bitcoin maxi Michael Saylor said Strategy will pause its BTC-buying binge.
That’s as the largest crypto by market cap soared to a new all-time high (ATH) of $125,559.21 on Oct. 5. It has since retraced to trade at $123,957.90 as of 5:25 a.m. EST.
Spot Bitcoin ETF Inflows Topped $3B In A Week
One key catalyst for Bitcoin’s new ATH is the strong inflows into spot Bitcoin ETFs last week.
Data from Farside Investors shows investors pumped $3.24 billion into the products during that period. The funds’ best weekly inflows of $3.38 billion was achieved in the week ending Nov. 22 last year.
Spot BTC ETF flows (Source: Farside Investors)
BlackRock’s IBIT fund led the latest charge with an impressive $1.8 billion inflows during the period, accounting for more than half of the capital that flowed into the products last week. IBIT now also holds $96.2 billion in assets, cementing its lead over rivals.
Trading activity for spot Bitcoin ETFs was mainly for IBIT shares, which saw several billions of dollars worth of stock exchanged daily.
Friday was the biggest day for IBIT, with its net daily inflows reaching $791.6 million. This boosted the combined net daily inflows for the funds to $985.1 million.
The US spot Bitcoin ETFs are also on a five-day net inflows streak, marking a rebound from the week before when $902 million flowed out of the funds.
Strategy Pauses Its Bitcoin Accumulation
As institutional investors buy into Bitcoin via ETFs, Saylor’s Strategy, the leading BTC treasury firm, is taking a break from its aggressive accumulation of the crypto.
In an X post, Strategy’s Executive Chair Michael Saylor wrote “no new orange dots this week,” suggesting there will be no new Bitcoin buys this week.
The decision to pause Strategy’s Bitcoin buying comes after the firm’s BTC holdings soared to a new record dollar value of $79.4 billion.
Strategy is currently the largest corporate Bitcoin holder globally, with 640,031 BTC on its balance sheet, data from Bitcoin Treasuries shows.
Top ten BTC treasury firms (Source: Bitcoin Treasuries)
The company’s most recent purchase was on Sept. 29, when the firm bought $22.1 million worth of BTC at an average price of $113,048 per coin. Prior to this acquisition, the company had purchased Bitcoin for eight consecutive weeks.
Strategy’s MSTR stock has soared more than 11% in the last week, according to Google Finance data. It slid a fraction of a percent in the past 24 hours, but pre-market buying activity has boosted the share price by over 2%.
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