Nikesh kc

Spot Bitcoin exchange-traded fund inflows shot up more than 580% this week, as one analyst pointed out that whales were loading up on Bitcoin at a pace akin to the lead-up to the 2020 rally.
Over the past week, inflows into the 12 spot Bitcoin ETFs reached $2.13 billion, following six consecutive days of positive inflows. This marks the first time weekly inflows into Bitcoin ETFs have surpassed the $2 billion mark since March 2024.
Total net inflows across Bitcoin ETFs have hit a record $20.94 billion. That’s a milestone that took gold ETFs years to achieve, according to Bloomberg’s Eric Balchunas. Bitcoin products took less than a year.
Weekly inflows hit their high on Oct. 14, with $555.86 million flowing into the ETFs, but by Oct. 18, the pace slowed down, dipping to $273.71 million, according to SoSoValue data.
None of the funds saw negative flows on the last trading day, with ARK 21Shares’ ARKB leading the pack. The inflows recorded were as follows:
ARK 21Shares’ ARKB, $109.86 million, 7-day inflow streak.BlackRock’s IBIT, $70.41 million, 5-day inflow streak.Bitwise’s BITB, $35.96 million.VanEck’s HODL, $23.34 million.Fidelity’s FBTC, $18.0 million, 6-day inflow streak.Invesco’s BTCO, $16.11 million.Franklin Templeton’s EZBC, Wisdom Tree’s BTCW, Grayscale’s GBTC and BTC, and Hashdex’s DEFI saw no flows.
You might also like: Spot Bitcoin ETFs record over $2.1b inflows in five-day streak, breaking $20b mark
Whale accumulation intensifies
This week’s inflows into Bitcoin (BTC) products signal strong demand among retail and institutional investors and came alongside an interesting accumulation pattern noted among whales.
On X, CryptoQuant author Woominkyu pointed out that the Bitcoin whale ratio on spot exchanges is looking a lot like it did back in July 2020, right after the COVID crash. According to the chart he shared, that’s when a major Bitcoin rally took off — hinting that whales might be gearing up for another long-term price surge. (See below.)

Spot exchange whale ratio for Bitcoin | Source: Woominkyu
A similar accumulation pattern was also observed among newer whales by fellow analyst and CryptoQuant CEO Ki-Young Ju, who wrote in an Oct 16 X post that new whale wallets with an average coin age of under 155 days reached a new high of 1.97 million BTC. (See below.)

Whales are often referred to as “smart money” because they tend to buy during market dips and hold through the ups and downs, using their deep pockets and strategic timing to make calculated moves. Their actions can often signal where the market might be heading next, as they usually position themselves ahead of big price shifts.
While the uptick in whale accumulation has ignited hopes of a forthcoming rally, several market analysts are also expecting the bellwether to reach a new all-time high soon buoyed by the upcoming U.S. presidential elections as a potential catalyst.
Pseudonymous trader Crypto Raven pointed out that polls show increasing odds for Republican candidate Donald Trump winning the November elections, which could be just the push BTC needs to hit new highs. As Raven put it, “everything goes this smooth, we could aim for the moon.”
On a more bullish note, Bitwise CIO Matt Hougan predicts Bitcoin will hit six figures, driven not just by the upcoming elections, but also by a surge in institutional demand and other macroeconomic factors.
At press time, the flagship cryptocurrency was trading at $68,280, up 8.5% over the past week.
Read more: Spot Bitcoin ETFs see four straight days of inflows, surpassing $1.6b, Ether ETFs rebound

$BTC
$ETH
$1MBABYDOGE

Cardano founder Charles Hoskinson is quite confident of what the Layer-1 blockchain network can achieve in a few years. He recently stated that the Cardano network will see the achievements of Bitcoin (BTC) and the Ethereum (ETH) network in the next 10 years.
Cardano's strategic future vision
During the much-anticipated fourth annual Cardano Summit 2024 community event in Buenos Aires, Argentina, Hoskinson acknowledged the milestones Cardano has recorded in seven years. These include scaling to an 11-figure network, gathering millions of users and becoming the largest research group in the world.
Looking forward to the future, Hoskinson noted that Cardano will be larger than both Ethereum and Bitcoin in another decade. Furthermore, he foresees major governments running on the Cardano network infrastructure. These increased use cases and functionalities will hinge on these entities' trust in the network.
This strategic vision, outlined by Hoskinson, will mark a pivotal move for the Cardano ecosystem and the broader crypto community.
ADA price enters bull sentiment
Noteworthy, this projection comes only a few days after a debate sprung up on crypto X on the flexibility of Cardano smart contracts compared to their Ethereum counterparts. Over time, the Cardano protocol has proven to be rigid when taking user instructions to process.
However, Hoskinson spotlighted an upcoming upgrade that will seek to change this narrative overall. This proposal, among other features, brings some advantages to its composability and the Babel fees it offers.
Meanwhile, the ADA price is exhibiting signs of positive sentiment. The coin's price has increased by more than 2% in the past 24 hours — 2.08% — and is currently resting at $0.355. This shows that the altcoin has reached its earlier predicted resistance level, with a likely push toward $0.4.
Should the bull momentum continue, ADA may soar to its 52-week high on the Uptober rally sentiment.
$ADA