As Bitcoin (CRYPTO: BTC) hit a new all-time high of $98,310 on Thursday morning during European trading hours, he total net asset value of U.S. Bitcoin spot exchange-traded funds (ETFs) has exceeded $100 billion, a milestone achieved in just 10 months since their launch in January.
What Happened: Over the past three days, Bitcoin spot ETFs have seen $1.84 billion in net inflows, reflecting strong investor confidence.
U.S.-based ETFs have contributed $29.4 billion in net flows this year, solidifying their role as a primary driver of capital into Bitcoin.
Nate Geraci, president of The ETF Store, highlighted on X the growing demand for spot ETFs and revealed that applications for funds linked to other digital assets, including Solana (CRYPTO: SOL), Ripple (CRYPTO: XRP), and Hedera (CRYPTO: HBAR), are also in the pipeline.
Bitcoin reached $97,900 earlier this week before climbing to $98,310, supported by aggressive demand for long-dated call options and positive headlines about corporate adoption, according to QCP Capital.
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Why It Matters: Companies like MicroStrategy Inc. (NASDAQ:MSTR) are fueling the bullish sentiment, with the firm raising $2.6 billion to expand its Bitcoin holdings.
MicroStrategy's market capitalization has now surpassed $100 billion, dominating U.S. trading volume on Wednesday night.
In addition, smaller firms like Acurx Pharmaceuticals (NASDAQ:ACXP) are joining the trend, reportedly allocating $1 million to Bitcoin for their corporate treasuries.
The unprecedented success of Bitcoin ETFs signals a growing mainstream acceptance of cryptocurrencies.
BlackRock (NASDAQ:BLK) and Fidelity are among the 12 issuers contributing to the $100 billion milestone, with analysts pointing to these funds as a significant factor in Bitcoin's recent rally.
Eric Balchunas, a senior ETF analyst at Bloomberg, noted that December 31 could be an optimal time to submit applications for new crypto ETFs, including one linked to Dogecoin (CRYPTO: DOGE).
Meanwhile, aggressive buying of options for March and June indicates long-term bullish sentiment among investors.
As Bitcoin approaches the $100,000 psychological milestone, the market is expected to remain buoyant, supported by easing monetary policies and sustained institutional demand.
- Bitcoin To Reach $190,000 This Cycle, Michael Terpin Of Transform Ventures Says
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