TechFlow news, October 28 — According to Cointelegraph, data from Apollo and SoSoValue shows that U.S. spot Bitcoin ETFs currently hold 976,893 bitcoins, worth over $66.2 billion, accounting for approximately 5% of Bitcoin's total market capitalization of $1.34 trillion. At current prices, the ETFs require $1.55 billion in net inflows to purchase the remaining 23,107 bitcoins needed to reach the milestone of 1 million BTC.
Analysts expect U.S. spot Bitcoin ETFs could acquire their one-millionth bitcoin as early as this week, as traders position ahead of potential crypto-friendly catalysts in November. Multiple positive developments are expected in November: the U.S. presidential election, potential Federal Reserve rate cuts, and Russia lifting its ban on Bitcoin mining.
