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US Bitcoin exchange-traded funds (ETFs) reached $20 billion in net flows on 17 October, a milestone which analyst Eric Balchunas terms as hard to grow in the ETF world. This comes despite Bitcoin’s price going through a slump for the past seven months. Interestingly, US spot Bitcoin ETFs achieved this feat in just 10 months, while gold ETFs took about five years to reach the same milestone.

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Bitcoin exchange-traded funds (ETFs) in the US have hit an important milestone, even though the price of Bitcoin just can’t shake off a seven-month slump.

American Bitcoin ETFs reached over $20 billion in net flows on 17 October. This $20 billion mark is a real tough milestone for ETFs to hit according to Eric Balchunas, a high-ranking ETF analyst at Bloomberg. In a post on the same day, he wrote “Bitcoin ETFs have crossed $20 billion in total net flows, the most important and hardest to grow in the ETF world, for the first time. This comes after a massive week of $1.5 billion.”

But even with this flow into ETFs, the price of Bitcoin hasn’t moved above $68,300 since this past June. As per Cointelegraph, the world’s first cryptocurrency has been taking a hit for the past seven months since March.

What’s interesting is that the US spot Bitcoin ETFs reached the whopping $20 billion net flow milestone in a measly 10 months, showing that investors are really into it. On the other hand, gold ETFs took about five years to cross this same milestone, Balchunas said.

Source: Cointelegraph