Key Notes
- Bitcoin jumped to a record $126,198 before easing slightly amid profit-taking.
- US spot Bitcoin ETFs saw record inflows, fueling the rally.
- Senator Lummis hinted that funding for the US Bitcoin reserve could begin “anytime”.
Bitcoin
BTC
$124 126
24h volatility:
0.1%
Market cap:
$2.47 T
Vol. 24h:
$68.61 B
has recently hit resh all-time highs above $126,000, propelled by record-breaking inflows into US spot exchange-traded funds (ETFs) and renewed “Uptober” market optimism.
The world’s largest cryptocurrency briefly touched $126,198 during the late hours of Oct. 6 before light profit-taking. As of writing, Bitcoin is trading at around $124,000, with $2.47 trillion in market capitalization.
Bitcoin ETFs Log Second-Highest Daily Inflow
This surge comes as Bitcoin ETFs logged the second-highest inflow since their launch in January 2024. According to data by SoSoValue, these funds brought $1.19 billion in total inflows on October 6, with BlackRock’s iShares Bitcoin Trust (IBIT) leading with $967 million.
Nate Geraci, president of The ETF Store, noted that IBIT is on the brink of surpassing $100 billion in assets under management (AUM). For comparison, the world’s largest ETF, the Vanguard S&P 500 ETF, took over 2,000 days to reach the same level.
Geraci emphasized that no ETF in the more than 30-year history of the industry has ever expanded at such a pace.
This massive institutional demand follows $3.2 billion in cumulative inflows during the previous week. It was the second-largest weekly gain for Bitcoin ETFs since launch.
US Bitcoin Reserve Funding to Start Soon
Meanwhile, crypto-supportive US Senator Cynthia Lummis hinted that funding for the long-discussed US Strategic Bitcoin Reserve could begin soon.
In a recent X post, Lummis stated that although the legislative process remains “a slog,” thanks to the US president Donald Trump, the “acquisition of funds for an SBR can start anytime.”
While the exact funding method remains unclear, an official government fact sheet notes that the reserve will initially use Bitcoin already held by the US Treasury. This includes assets seized through criminal or civil enforcement actions.
Additional BTC acquisitions are expected to occur via budget-neutral channels that “impose no incremental costs on American taxpayers.”
President Donald Trump’s executive order earlier this year formally established the framework for the Strategic Bitcoin Reserve. However, details about its structure and launch timeline remain uncertain.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/bitcoin-new-ath-spot-btc-etfs-2nd-highets-daily-inflow/
